Five years after the first round of revelations, a new investigation into Luxembourg’s corporate registry has identified fresh structures tied to wealthy Spanish citizens. The probe, led by the OCCRP, a global network of investigative journalists, and the French newspaper Le Monde, brings together 16 media outlets. In Spain, the findings are being published exclusively by InfoLibre.
The investigation examines what became of corporate structures flagged in 2021, while also uncovering new cases. It involves Spanish citizens — businesspeople, aristocrats, and figures with ties to political life — who, according to the journalists, “have opted for Luxembourg’s opacity or the advantages of its tax regime for their financial operations.”
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A Pujol grandson and a property giant
Among the newly identified names is Jordi Pujol Gironès, grandson of former Catalan president Jordi Pujol. The investigation reports that he holds a 50% stake in Casa de Datos SCSp, a Luxembourg special limited partnership, alongside an Italian partner. These structures are not required to file annual accounts, keeping their activities or investments out of public view.
The investigation also revisits companies linked to Amancio Ortega, the founder of Inditex. By 2021, Ortega already used Luxembourg-based firms to manage international property holdings. One such firm, Adelphi Property Sàrl, which owned an office building in central London, was wound up in December 2024 after shifting its assets to a UK-based group company. At the time, the business group stated it was “likely” the building would be transferred and the Luxembourg entity dissolved.
Another Ortega-linked company, Hills Place Sàrl, continues to operate from Luxembourg. Its 2024 accounts show assets exceeding £2.4bn, or roughly €2.8bn.
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Ortega is currently the ultimate beneficial owner of nine other companies registered in Luxembourg, most belonging to his property holding firm Pontegadea. Some were created after the first OpenLux revelations. The newest, Pontegadea Logistics Holdings Sàrl, was registered in April 2026. Among them is Pontegadea Luxembourg Sàrl, which reported assets worth more than €7bn in its 2024 accounts, holding stakes in businesses across Luxembourg, the United States, Italy, and Ireland.
Combined, Ortega’s Luxembourg companies hold assets worth more than €10bn, according to data from the country’s trade register consulted by the investigation. It is a quiet concentration of capital in a small jurisdiction.
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A marquess, a tax fraud conviction
The investigation also examines members of the Spanish nobility. One is José Luis Cotoner Martos, the Marquess of Bélgida, a Grandee of Spain and son of a mentor to former King Juan Carlos I. According to the documents reviewed by journalists, Cotoner owns 100% of a holding company based on Luxembourg’s outskirts with assets exceeding €27mn. He also has a prior conviction in Spain for tax fraud.
The authors of the investigation say they will publish more reports in the coming weeks. Those are expected to name “businesspeople, former senior officials, aristocrats, sportspeople and other well-known Spanish figures or personalities linked to Spain” who operate through corporate structures in the Grand Duchy. The list, it appears, is still growing.