A major corporate dispute is erupting in Barcelona: former Celsa executive Francesc Rubiralta has been ordered by the court to return more than €7 million to the company. This decision was handed down by Barcelona’s Fourth Commercial Court after a lawsuit filed by the firm’s new owners, who accused the ex-president of mismanagement and taking excessive bonuses in 2022–2023, when Celsa was experiencing severe financial difficulties.
Change of ownership sparks legal showdown
The Rubiralta family, who founded Celsa in 1967, lost control of the company in autumn 2023. At that time, Barcelona’s Second Commercial Court approved a restructuring plan proposed by creditors. As a result, almost €1.3 billion in debt was converted into 100% of the company’s shares, transferring control to the new owners. With full ownership, they quickly launched multiple legal proceedings against the former management.
Allegations of inflated bonuses and the court’s verdict
One of the main accusations concerned Francesc Rubiralta’s receipt of variable payments worth over €7 million during a period of serious financial strain for the company. The court found that these actions demonstrated a disregard for the company’s interests in favor of personal gain and a breach of loyalty duties. The former president must now return the full amount with interest. However, the decision is not yet final and can be appealed.
Other Legal Proceedings and Prospects
This is already the second court verdict in a series of lawsuits against the former head of Celsa. Earlier, the Barcelona Court of Appeal rejected the new owners’ claim concerning allegedly illegal loans of €500 million granted to companies associated with the Rubiralta family. At that time, the court found no evidence that the actions of the former president harmed the interests of Celsa and noted that creditors were aware of the situation but took no steps to recover the debts.
A third lawsuit, initiated by the new owners, concerns another controversial loan of €22 million granted to a structure involving Francesc Rubiralta’s mother. No ruling has yet been made in this case.
