Acciona down in Madrid, weighs internal investigation on irregularities

(Il Sole 24 Ore Radiocor) Acciona retreated on the Madrid Stock Exchange, after announcing the launch of an internal investigation into its subsidiary Acciona Construccion, regarding irregularities in public procurement contracts under investigation by the Spanish Supreme Court. The stock ended up in the platoon at the tail end of the Ibex index. Theevent concerns the alleged payment of bribes to the former Minister of Transport, José Luis Ábalos, and his advisor, Koldo García, in exchange for public contracts awarded between 2018 and 2021, during their tenure at the Ministry of Transport. According to reports in the Spanish press,the amount of tenders won by companies in the sector thanks to potential fraud exceeds EUR 500 million. Acciona, a subsidiary of the Entrecanales family and one of Spain's big players in the realisation of public infrastructure projects in Spain, has decided to launch an internal investigation after being alerted by the Central Operations Unit (Uco) of the Guardia Civil in a detailed report on the Abalos case, which revealed the manipulation of several tenders. In a statement, the company expressed 'its total ignorance, surprise and concern about the reported facts. Acciona is an infrastructure multinational developing projects in more than 40 countries, with a turnover of EUR 19.19 billion in 2024 and more than 65,000 employees'. As for "the facts and conduct expressly attributed to persons at some time associated with Acciona", the company "reports that former employee Fernando Agustín Merino Vera, expressly named in the aforementioned judicial proceedings, was dismissed from the company on 12 April 2021". In any case, 'in view of the possible circumvention of internal controls that may have occurred, the company has launched an investigation to clarify these facts and, where appropriate, ascertain any personal liability', the statement specifies. If in the course of the investigation conducted by the authorities or internally by Acciona, 'published information involving other companies that have participated in joint ventures of which Acciona has been a member is confirmed, the company will take appropriate legal action'. In the Uco's lengthy account, the media report, various clues are offered that lead to Santos Cerdán, Secretary of the Psoe organisation and number three in the party - a post from which he resigned yesterday - as the intermediary or 'manager' of a series of 'economic compensations' that Acciona allegedly paid to Ábalos and García. The figure being reported is of bribes amounting to 620,000 euros. Prime Minister Pedro Sánchez called these indications 'extremely serious' during a press conference and apologised to the population. According to various observers, the case is turning into a political earthquake, but Sanchez has ruled out early elections, demanded by the opposition.