New judicial findings have brought renewed attention to María Jesús Montero’s decision to trust Vicente Fernández, the former president of the Sociedad Estatal de Participaciones Industriales (SEPI). Montero, deputy secretary general of the PSOE and former Minister of Finance, has publicly acknowledged her regret. The Audiencia Nacional investigation, led by investigating judge Santiago Pedraz, examines alleged irregularities in public-company contracts connected to Fernández and Leire Díez, with businessman Joseba Antxon Alonso also linked to the inquiry. EFE reporting carried by The Objective says investigators are examining as many as five contracts involving companies linked to SEPI. The allegations remain under investigation, with no final finding of criminal liability.
Speaking on Cadena SER, Montero said there had been no warning signs against Fernández when he was appointed and that his professional background justified the decision. She now says material emerging in the investigation paints a different picture, describing Fernández as someone who operated discreetly and often relied on indirect channels instead of formal meetings. Fernández was appointed SEPI president in 2018, and investigators are examining reported contacts between him and Santos Cerdán dating from that year. Montero emphasized that the conduct under investigation falls short of the standards expected of public officials.
The inquiry also examines a private messaging group called “Hirurok,” reportedly created in June 2021 and involving Díez and Fernández, with Alonso also named as a participant. Telemadrid has reported that investigators are looking into the relationships among the four people named in the case, along with communications and meetings tied to SEPI-related business. The same reporting dates Belén Gualda’s appointment as SEPI president to March 2021 and describes efforts to secure Díez a position in Gualda’s cabinet. She did not ultimately get the post. The case has also focused attention on SEPI’s current leadership; Montero has defended Gualda, citing her professionalism and values, and said European institutions and Spain’s General Intervention Board had examined the procedures.
Montero called for a clear definition of the investigation’s scope and stressed the need to identify precisely who is implicated, particularly after her own chief of staff was cleared in a separate judicial order. She denied prior knowledge of an alleged group involving Díez and Alonso, with Fernández also said to be involved. Montero said she would have acted immediately had she suspected irregularities. Telemadrid reported that information reviewed by the UCO did not establish irregular participation by Montero in the conduct under investigation. That does not settle the broader case, which remains active. Montero criticized those who, in her view, used their connections for personal business interests, abandoning the values of public service and the socialist government.
The investigation has widened beyond the alleged relationships and contacts. In December 2025, the Guardia Civil’s Unidad Central Operativa (UCO) requested documentation from public-sector company Mercasa. EFE-based reporting says Mercasa later sent investigators an internal report identifying “critical aspects” in a contract awarded to Servinabar 2000, a company associated in reporting with Alonso. Prosecutors are also examining an alleged €700,000 overcost in plans to rehabilitate Mercasa’s headquarters. El Correo and Heraldo de Aragón have reported that prosecutors’ theory involves allegedly inflated rehabilitation costs. A Mercasa internal audit reportedly said Servinabar had prepared a technical study before the contracting process and identified breaches of internal procedures. These allegations and audit findings remain under judicial examination, with no final ruling.
The case has also brought scrutiny to financing involving Tubos Reunidos. Cinco Días has reported that investigators are examining a SEPI-linked debt exposure of about €150 million, with the inquiry reaching former executives and current company managers. A separate reported figure, €112.8 million, concerns a SEPI rescue operation involving the company. The amounts describe different aspects of its financing and should not be conflated.
The scandal comes as the Spanish government faces pressure over the integrity of its institutions. Recent months have brought other high-profile cases, including controversy over the Guardia Civil’s internal investigations, which tested the government’s response to allegations of misconduct. The government’s stance on supporting officials under investigation drew attention when Prime Minister Pedro Sánchez refused to dismiss the Guardia Civil chief amid an internal probe, underscoring the political sensitivity of such cases.
In the final part of her interview, Montero addressed former Prime Minister José Luis Rodríguez Zapatero’s situation, expressing support during what she described as a difficult period and confidence that he would provide the necessary explanations. The broader inquiry also includes alleged efforts to influence officials in the courts and prosecution, as well as Guardia Civil personnel in connected proceedings. Investigators are examining whether relationships and access to public companies were used to influence contracts or secure personal benefit. The proceedings have not produced a final determination of liability against everyone named.
SEPI, the Sociedad Estatal de Participaciones Industriales, is Spain’s state-owned industrial holding company, managing public interests across strategic sectors. The Leire case has renewed attention to oversight and accountability within state-linked entities. As the investigation proceeds, its political and administrative consequences could shape future standards for appointments and conduct in Spain’s public sector, while testing public confidence in the institutions that manage public assets.
