OpenLux Investigation Uncovers New Luxembourg-Based Entities Tied to Wealthy Spaniards
OpenLux investigation reveals new Luxembourg firms – Five years have passed since the first “OpenLux” disclosures, yet the investigative efforts of the global anti-corruption network OCCRP and the French daily *Le Monde* continue to shed light on the intricate web of companies registered in Luxembourg and the identities of their true beneficiaries. This latest round of findings, involving journalists from 16 international media outlets, highlights how Spanish citizens, including business leaders, aristocrats, and political figures, have leveraged Luxembourg’s financial secrecy and favorable tax environment to conceal their wealth. The investigation, which includes exclusive coverage by *InfoLibre* in Spain, reveals fresh cases of individuals utilizing such structures to manage their assets discreetly.
Expanding the Scope of Corporate Structures
While the earlier “OpenLux” reports focused on the initial connections between Spanish elites and Luxembourg, the current study delves deeper, tracking the evolution of these entities over time. The investigation demonstrates how certain corporate frameworks, such as special limited partnerships, remain opaque to public scrutiny due to their exemption from annual financial disclosures. This lack of transparency allows businesspeople and political figures to maintain control over their assets while avoiding accountability for their financial dealings. One notable example is Jordi Pujol Gironès, the grandson of former Catalan president Jordi Pujol, who is now identified as a 50% shareholder in *Casa de Datos SCSp*, a Luxembourg-based entity. His partnership with an Italian individual underscores the cross-border nature of these arrangements.
“The key to understanding these structures lies in recognizing how Luxembourg’s opacity or its tax advantages can be exploited for financial operations,” the investigators noted in a Spanish-language statement.
The findings also revisit the companies associated with Amancio Ortega, the founder of Inditex, who has long used Luxembourg as a hub for international property investments. By 2021, Ortega’s business empire already had a presence in the Grand Duchy, with *Adelphi Property Sàrl* serving as a notable example. This company, which owned an office building in central London, was liquidated in December 2024 after its assets were transferred to a UK-based subsidiary. The business group stated at the time that this move would position the property for future growth in the British market, a strategy that was ultimately executed.
Despite the closure of *Adelphi Property Sàrl*, other entities linked to Ortega remain active. *Hills Place Sàrl*, for instance, continues to operate in Luxembourg, holding assets valued at over 2.4 billion pounds sterling—equivalent to more than 2.8 billion euros—as disclosed in its 2024 accounts. However, this is not the full picture. The investigation reveals that Ortega is the ultimate owner of a further nine Luxembourg-based companies, most of which are part of his broader property holding company, Pontegadea. Some of these were established after the initial “OpenLux” revelations, reflecting the ongoing use of such structures to shield wealth.
The most recent addition to Ortega’s portfolio is *Pontegadea Logistics Holdings Sàrl*, registered in April 2026. This entity, along with *Pontegadea Luxembourg Sàrl*, stands out for its substantial assets, with the latter reporting holdings exceeding 7 billion euros in its 2024 financial statements. These companies are not limited to Luxembourg; they also hold stakes in businesses operating in the United States, Italy, and Ireland. Collectively, the assets under Ortega’s control through Luxembourg-based structures surpass 10 billion euros, according to data analyzed by the investigative team.
The Spanish Nobility’s Role in Financial Secrecy
While business figures dominate the spotlight, the investigation also highlights the involvement of Spain’s aristocracy in these offshore arrangements. Among the subjects examined is José Luis Cotoner Martos, the Marquess of Bélgida and a Grandee of Spain. As the son of Juan Carlos I’s former mentor, Cotoner has been identified as the sole beneficial owner of a holding company located on the outskirts of Luxembourg. This entity is reported to hold assets worth more than 27 million euros, a figure that underscores the scale of wealth being funneled through the Grand Duchy.
“Cotoner’s use of Luxembourg reflects a broader trend among the Spanish nobility to take advantage of the country’s financial regulations,” the report states in its Spanish source.
Additionally, the investigation notes that Cotoner was previously convicted in Spain for tax fraud, further linking his financial activities to the broader theme of wealth concealment. This case exemplifies how high-profile individuals can navigate both domestic and international legal frameworks to minimize their tax liabilities.
Implications for Spain’s Financial Landscape
As the investigation unfolds, it becomes increasingly clear that Luxembourg’s legal and financial systems are being used as a strategic tool by Spanish citizens to manage their wealth. The report emphasizes that these structures are not merely for tax efficiency but also for maintaining a degree of anonymity in financial transactions. For instance, the lack of mandatory annual reporting for certain entities means that their operations, investments, and ownership stakes remain hidden from public view.
These revelations add to the growing body of evidence suggesting that Spain’s wealthiest individuals are actively diversifying their assets across jurisdictions. The ongoing focus on corporate structures in Luxembourg highlights the need for greater transparency in cross-border financial dealings. While the initial “OpenLux” disclosures sparked significant debate, this new phase of the investigation reveals that the issue is far from resolved. The findings also point to the persistence of such practices, even as some entities are dissolved or restructured.
Looking ahead, the authors of the investigation have hinted at further reports to be released in the coming weeks. These will expand the focus to include not only businesspeople and political figures but also sports stars and other prominent Spaniards who have established corporate entities in Luxembourg. The goal is to provide a comprehensive overview of how different sectors of Spanish society are utilizing these structures for financial operations. By doing so, the investigation aims to reinforce the importance of scrutinizing offshore entities in the context of global tax transparency efforts.
Ultimately, the “OpenLux” project serves as a reminder of the interconnectedness of financial systems worldwide. As the investigation continues to uncover new cases, it reinforces the need for vigilance in tracking the movements of wealth and ensuring that the benefits of Luxembourg’s tax regime are not exploited for undue advantage. The findings are a significant contribution to the ongoing dialogue about corporate accountability and the role of financial secrecy in enabling wealth accumulation.
