Key facts
- The 'OpenLux' investigation has identified new companies in Luxembourg connected to wealthy Spaniards.
- Amancio Ortega's Luxembourg-registered companies hold assets exceeding €10 billion.
- Jordi Pujol Gironès, grandson of former Catalan president Jordi Pujol, is linked to a special limited partnership.
- José Luis Cotoner Martos, Marquess of Bélgida, owns a holding company with over €27 million in assets and has a tax fraud conviction.
- The investigation highlights the use of Luxembourg's tax regime and opacity for financial operations.
The 'OpenLux' investigation, a collaborative effort by journalists from 16 international media outlets including OCCRP and Le Monde, has uncovered new Luxembourg-based companies linked to some of Spain's wealthiest individuals. The probe, which follows up on similar revelations from 2021, scrutinizes the beneficial owners of these entities, many of which utilize Luxembourg's tax advantages and opacity for financial operations.
Among the prominent figures named is Amancio Ortega, founder of Inditex, whose property holding firms registered in Luxembourg collectively manage assets exceeding €10 billion. One of his companies, Adelphi Property Sàrl, which owned an office building in London, was dissolved in December 2024 after transferring its assets to a UK-based company. Another entity, Hills Place Sàrl, holds assets worth over €2.8 billion, while Pontegadea Luxembourg Sàrl reports assets of more than €7 billion. In total, Ortega is the ultimate beneficial owner of nine companies in Luxembourg, with the most recent, Pontegadea Logistics Holdings Sàrl, registered in April 2026.
The investigation also highlights Jordi Pujol Gironès, grandson of former Catalan president Jordi Pujol, who co-owns Casa de Datos SCSp, a special limited partnership that is not required to file annual accounts. Additionally, José Luis Cotoner Martos, Marquess of Bélgida and a Grandee of Spain, owns a holding company with over €27 million in assets and has a prior conviction for tax fraud in Spain.
Journalists involved in the 'OpenLux' investigation plan to release further reports detailing other Spanish businesspeople, former senior officials, aristocrats, and sports figures who utilize corporate structures in Luxembourg.