OpenLux Investigation Uncovers New Luxembourg Holdings of Spanish Elites

Five years after the initial OpenLux disclosures, a fresh investigation led by the global investigative network OCCRP (source in Spanish) and the French newspaper Le Monde (source in Spanish) revisits Luxembourg‑registered companies and the identities of their beneficial owners.

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The probe, conducted by journalists from 16 international outlets — including Spanish contributors and exclusive publication by InfoLibre (source in Spanish) — examines what has become of the corporate structures identified in 2021 and uncovers additional cases involving Spanish citizens with entities in the Grand Duchy.

These include entrepreneurs, nobles and figures tied to Spanish political life who have opted for Luxembourg’s secrecy or its favourable tax regime to manage their finances.

From a Pujol grandson to Amancio Ortega

One name emerging in this latest set of revelations is Jordi Pujol Gironès, grandson of former Catalan president Jordi Pujol. The investigation shows he holds a 50 % stake in Casa de Datos SCSp, a Luxembourg special limited partnership, alongside an Italian partner. Such structures are exempt from filing annual accounts, keeping their activities and investments out of public view.

The investigation also re‑examines the Luxembourg holdings of Amancio Ortega. By 2021 the Inditex founder already used Luxembourg companies to oversee international property investments. One example, Adelphi Property Sàrl — owner of a central London office building — was dissolved in December 2024 after its assets were transferred to a UK‑based sister company. At the time the group said the move was “likely” and the Luxembourg entity would be wound up; that step has now been completed.

More than €10 billion in assets

Another entity examined, Hills Place Sàrl, remains active in Luxembourg. Its 2024 accounts show assets exceeding £2.4 billion, equivalent to over €2.8 billion.

However, this is not Ortega’s only Luxembourg vehicle. According to the investigation, he is the ultimate beneficial owner of another nine Luxembourg‑registered firms, most belonging to his property holding group Pontegadea. Several were created after the first OpenLux reports; the newest, Pontegadea Logistics Holdings Sàrl, was incorporated in April 2026.

Among them, Pontegadea Luxembourg Sàrl stands out: its 2024 filing lists assets above €7 billion. The company holds stakes in firms located in Luxembourg and abroad, including the United States, Italy and Ireland.

Taken together, the Luxembourg entities for which Ortega is the ultimate beneficial owner hold combined assets surpassing €10 billion, according to the Luxembourg business register consulted by the investigation.

Members of the nobility, aristocrats and sportspeople

The investigation also highlights Spanish nobles who have used Luxembourg as a channel for part of their financial affairs. One example is José Luis Cotoner Martos, Marquess of Bélgida, a Grandee of Spain and son of Juan Carlos I’s mentor.

Documents reviewed by the journalists show that Cotoner owns 100 % of a holding company based on the outskirts of Luxembourg, with assets exceeding €27 million. He has also been convicted of tax fraud in Spain (source in Spanish).

The authors note that, in the coming weeks, they will release further details on businesspeople, former senior officials, aristocrats, athletes and other prominent Spanish figures linked to Spain who operate through corporate structures in the Grand Duchy (source in Spanish).

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