Conflict of Interest: SEPI's Former Leader Under Investigation Amid Corruption Allegations

In a significant development, the National Court is currently investigating Vicente Fernández Guerrero, the former president of the State Society for Industrial Participations (SEPI), linked to corruption allegations involving the company Tubos Reunidos. This investigation focuses on a consulting agreement that Fernández Guerrero maintained with Tubos Reunidos, a firm based in Amurrio, Álava, that was rescued in 2021 with a massive injection of 1.128 billion euros from the state agency. Recent reports indicate that the National Court has directly requested information regarding Fernández Guerrero's contractual dealings, emphasizing the need for transparency in the ongoing investigation. The developments also caused the release of Leire Díez and Antxon Alonso, two individuals detained alongside Fernández Guerrero, after they appeared in court. Fernández Guerrero held the position at SEPI from a pivotal vote of no confidence in the summer of 2018 until October 2019 and is now under scrutiny in a case that raises questions about potential corruption and the misuse of state funds. After leaving SEPI, he was employed by Servinabar 2000, a company tied to Alonso and former socialist leader Santos Cerdán, who owns a 45% stake in the enterprise. While Fernádez Guerrero's reported earnings have been substantial—totaling approximately 6.86 million euros in 2021, 408,000 euros in 2022, and 3.33 million euros in 2023—there are allegations that payments from Tubos Reunidos to him were made directly, bypassing Servinabar 2000. This raises concerns over whether Servinabar was merely a front for channeling illegal commissions. Sources from Tubos Reunidos acknowledge the request from the National Court and have cooperated by providing all relevant information regarding the situation. The company asserts that its consulting contract with Fernández Guerrero was standard and had been in effect until recently. In light of this ongoing investigation, employees of Tubos Reunidos, represented by the ESK union, have expressed their intent to convene a meeting this Tuesday, aimed at addressing the implications of Fernández Guerrero's actions and their impact on the company. The workers have long voiced concerns over the effectiveness of the state’s monetary intervention, as evidenced by the recent announcement of temporary layoffs (ERTE) triggered by the U.S. tariff policies affecting the tubular sector. The current inquiry into Tubos Reunidos represents one of the most significant cases probing corruption in Spain. Fernández Guerrero and the other detainees were arrested last week and subsequently released with precautionary measures, indicating the serious nature of the allegations. While Fernández Guerrero has denied any wrongdoing, the unfolding case is expected to unveil further details regarding the interplay between public money and private interests, ultimately holding the involved parties accountable. Related Sources: • Source 1 • Source 2