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June 19, 2014
June 19, 2014

Spain: the friends of the King

Author: Translator: Susana García
Source: café  Category: On the crisis
This article is also available in: eles
Spain: the friends of the King

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Ignacio Sánchez (Iberdrola): “The king has supported the growth of the Spanish economy”.

Pablo Isla (Inditex): “He has modernised the political and economic structure”

Antonio Huertas (Mapfre): “I hold a great gratitude towards King Juan Carlos”.

César Alierta (Telefónica): “Felipe will provide the stability for us to complete our highest goals”.

Emilio Botín (Santander): “His reign has been the longest period of prosperity in our History”

Francisco González (BBVA): “The king has made Spain a modern nation. We all are grateful”.

Isidre Fainé (La Caixa): “He has boosted progress and welfare”

Florentino Pérez (ACS): “He has been the best king in History. He only looks for the best for his country”.

Fernando Casado (CEC): “I am deeply grateful for the king´s work”.

Former King of Spain, Juan Carlos I: “All my warmest thanks for your appreciation. Go ahead, I will always be by your side” 6th May 2014. First speech after his abdication in the presence of the IBEX35 main business owners.


IBERDROLA: 12 companies in tax havens.  17€ millions of public subsidies in 2012. Ágel Acebes (PP) [1] is a member of the Board of Directors: His salary is 27,000€ per month.

B. Blanco (PP) and M. Amigo (PSOE) [2] have been also members of the Board of Directors. The CNMC (National Committee of Markets and Competence) has opened an investigation for “fraudulent manipulation” of prices. Ignacio Sánchez Galán has an annual salary of 7,400,000€.

INDITEX: 19 companies in tax havens. Amancio Prada, owner of Inditex, he earned 900€ million. This is the equivalent of approximately 30 million of the monthly salaries of fabric workers in Bangladesh, where Inditex has its production: 70 hours per week for 30€ monthly salary.

In 2013 it had 2.377 € billion of net profits. Pablo Isla´s salary: 6,350,000€ annually.

FERROVIAL: 9 companies in tax havens. According to the judge investigating the Palau Affair (Caso Palau), Ferrovial paid Convergència i Unió 5.1€ million in illegal commissions in return for public works during the last government of Jordi Pujol. Ferrovial’s profits increased by 5%, up to 727 € million in 2013. Rafael del Pino´s salary: 5,300,000 annually.

BBVA: 33 companies in tax havens. In 2013 BBVA won 2.228€ billion, 33% more than in 2012.  Miguel Sebastian (PSOE) was the bank’s Chairman of Studies. Before becoming the press secretary of the Royal House, Javier Ayuso was the General Director of communications of BBVA. According to El Mundo, Ayuso paid 116,000€ to Iñaki Urdangarin´s Instituto Noos for a report.

ACS: 70 companies in tax havens. In 2012 received 54€ million worth of public subsidies. Miguel Roca i Junyent, founder of Convergència i Unió together with Jordi Pujol, is on its Board of Directors. Facing Infanta Cristina´s investigation the king entrusted Roca with his daughter´s legal defence. In 2013 ACS had 702€ million net profit.

THE THINK TANK OF THE KING´S FRIENDS: Fernando Casado is the director of the Business Board for Competiveness (CEC), “a Think Tank that provides proposals for the economic recovery”. CEC´s president is César Alierta (Telefónica) and the protagonists of the picture are part of it.  The CEC defends the labour reform, critiques the “high cost of lay-offs”, advocates the “public spending rationalisation”, the medical prescription co-payment and the salary reduction for the “improvement of competiveness and occupation”…

El Proveedor:  El Corte Inglés is one of the 5 biggest advertisers of Spain becoming one of the main economic sources for dozens of mass media. In 2013, Santander Bank acquired 51% of Financiera El Corte Inglés. In 2012, in only 6 months, El Corte Inglés received 38€ million in orders: riot police attire, travels, IT equipment among others. Its president is the patron of Princep de Girona Foundation.

MAPFRE: 10 companies in tax havens. According to the Corporative Responsibility Report of IBEX35, MAPFRE is the shareholder in “controversial weapons producers”. Rodrigo Rato (PP), Francisco Ruiz Risueño (UCD), José Manuel Fernández Norniella (PP) have been members of its Board of Directors. The salary of Antonio Huertas (CEO Mapfre Group): 79,000€ monthly.

TELEFÓNICA: 11 companies in tax havens. Telefónica has received about 24€ million in public subsidies.  Iñaki Urdangarin, Rodrigo Rato (PP), Eduardo Zaplana (PP), Pedro Martin Marin (PP) have been members of the Board of Directors. In 2013 it had 4.593€ billion in profits. Despite the good result, Telefónica fired 6,830 workers.

SANTANDER: 79 companies in tax havens. It is the 5th Spanish bank in receiving public aid. Rodrigo Rato (PP), Isabel Tocino (PP) and Abel Matutes (PP) have been members of its Board of Directors. According to The New York Times, the Botin´s family would have had 2€ billion hidden in Swiss accounts. In 2013 Santander earned 4.370€ billion.

LA CAIXA: 2 companies in tax havens. La Caixa´s vice president is Javier Godó “Grande de España” (grandee) and owner of the royalist newspaper La Vanguardia, the most subsidised in Spain. The Infanta Cristina is the “director of the international area” of La Obra Social del La Caixa (Welfare Projects) with 19,800€ monthly salary.  In 2013, La Caixa earned 745€ million.

ACCIONA: 8 companies in tax havens. The public prosecutor has his eye on Acciona´s executives due to an alleged diversion of 50€ million of public money in several works in Aragón thanks to fraudulent work certifications. Manuel Entrecanales inherited the company in 2004. He worked in Merryl Lynch before. He is patron of Príncipe de Asturias Foundation.  In 2012 Entrecanales earned 4.4€ million.

[1] PP: Spanish conservative party
[2] PSOE: Spanish socialist workers’ party

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