'OpenLux' probe reveals new Luxembourg firms of wealthy Spaniards
International investigative project OpenLux has uncovered new firms linked to some of Spain’s biggest fortunes, including real-estate companies in Amancio Ortega’s holding valued at over €10 billion.
Published on 24/06/2026 - 22:18 GMT+2
Five years after the first 'OpenLux' revelations, a new investigation led by the global network of investigative journalists specialising in corruption and organised crime OCCRP (source in Spanish) and the French daily 'Le Monde' (source in Spanish) once again examines companies registered in Luxembourg and the identity of their beneficiaries.
The investigation, carried out by journalists from 16 international media outlets – with Spanish participation and exclusive publication by 'InfoLibre' (source in Spanish) – looks at what has become of some of the corporate structures identified in 2021 and reveals new cases involving Spanish citizens with companies in the Grand Duchy.
Among them are businesspeople, aristocrats and figures linked to Spanish political life 'who have chosen the opacity of Luxembourg or the advantages of its tax regime for their financial transactions'.
From a Pujol grandson to Amancio Ortega
One of the names appearing in this new batch of revelations is Jordi Pujol Gironès, grandson of former Catalan president Jordi Pujol. According to the investigation, he owns 50% of Casa de Datos SCSp, a Luxembourg special limited partnership, together with an Italian partner. This kind of structure is not required to file annual accounts, which means its activities and investments cannot be known from public records.
The investigation also takes a fresh look at the companies linked to Amancio Ortega. By 2021, the Inditex founder already had firms in Luxembourg used to manage international property investments. One of them, Adelphi Property Sàrl, the owner of an office building in central London, was dissolved in December 2024 after transferring its assets to another group company in the United Kingdom.
At the time, the group explained that it was 'likely that the Adelphi building would be transferred to a UK company and the Luxembourg entity wound up', an operation that has now been carried out.
More than €10 billion in assets
Another of the companies analysed, Hills Place Sàrl, continues to operate out of Luxembourg. According to its 2024 accounts, its assets amount to more than 2.4 billion pounds sterling, the equivalent of over €2.8 billion.
But that is not the only structure linked to the Galician businessman. According to the investigation, Ortega is currently the ultimate beneficial owner of another nine companies registered in Luxembourg, most of them part of his property holding group Pontegadea. Some were set up after the first 'OpenLux' stories. The most recent, Pontegadea Logistics Holdings Sàrl, was incorporated in April 2026.
Among these companies, Pontegadea Luxembourg Sàrl stands out: it reported assets worth more than €7 billion in its 2024 accounts. The firm controls stakes in companies based in Luxembourg and other countries, including the United States, Italy and Ireland.
Taken together, the companies of which Ortega is the ultimate beneficial owner in Luxembourg hold assets worth more than €10 billion, according to data from the Luxembourg companies register consulted by the investigation.
Members of the nobility, aristocrats and sportspeople
The investigation also shines a light on members of the Spanish nobility who have chosen Luxembourg as a conduit for part of their financial dealings. Among them is José Luis Cotoner Martos, Marquess of Bélgida, a Grandee of Spain and son of Juan Carlos I's mentor.
According to documents seen by the journalists, Cotoner owns 100% of a holding company based on the outskirts of Luxembourg with more than €27 million in assets. He has also been convicted of tax fraud in Spain (source in Spanish).
The authors of the investigation also signal (source in Spanish) that in the coming weeks they will publish further information on 'businesspeople, former senior officials, aristocrats, sportspeople and other well-known Spanish personalities or figures linked to Spain' who operate through corporate structures in the Grand Duchy.
