The SEPI branch of the Leire case has placed Carlos López de las Heras, Chief Executive Officer of Tubos Reunidos, under formal investigation in connection with the €112.8 million public bailout granted to the company during the COVID-19 pandemic. His inclusion in the case once again places the spotlight on the leadership of the Basque steel manufacturer and on the actions that investigators believe may have surrounded both the approval of the state aid and the subsequent renegotiation of its terms.
López de las Heras is not considered a peripheral figure in the investigation. Spain’s National Court has named him among the Tubos Reunidos executives summoned to testify as suspects, alongside former Chairman Francisco Irazusta and former board member Jesús Pérez Rodríguez-Urrutia. The investigation is examining whether an alleged influence network linked to the so-called Hirurok Group—identified by investigators as including Leire Díez, Vicente Fernández, and Antxon Alonso—may have acted to facilitate or improve the conditions of the public rescue package awarded to the company.
National Court Judge Santiago Pedraz has formally placed 25 individuals under investigation in this branch of the Leire case, which focuses on alleged irregularities involving SEPI, state-owned enterprises, and strategically important companies. Prosecutors are investigating possible offenses including influence peddling, embezzlement of public funds, misconduct in public office, participation in a criminal organization or group, and misuse of privileged information. At this stage of the proceedings, López de las Heras remains presumed innocent, and his status as a suspect should not be interpreted as a finding of guilt.
The Tubos Reunidos case holds special significance since the scrutinized bailout ranks among the most substantial rescue initiatives greenlit by the Fund to Support the Solvency of Strategic Companies. The firm secured €112.8 million in state aid, transforming any claims regarding political influence, middleman participation, or irregular disbursements into matters carrying immense political and economic weight. Rather than involving a standard subsidy, the situation centers on massive public resources granted to safeguard an enterprise deemed strategically vital.
Based on recent media coverage, the Central Operational Unit (UCO) of Spain’s Civil Guard has turned its attention toward communications between Tubos Reunidos executives and persons supposedly connected to the influence ring. El Independiente disclosed that Judge Pedraz granted permission for detectives to extract forensic clones from the smartphones belonging to Carlos López de las Heras alongside Jesús Pérez Rodríguez-Urrutia, highlighting ongoing efforts by authorities to map out interactions, associations, and events tied to the rescue package.
The inquiry goes past the preliminary authorization of the bailout fund. Investigators are likewise looking into whether, as time passed, the suspected faction intervened once more to delay repayment deadlines or restructure the monetary conditions of the state aid. El País has shared that the UCO suspects the circle associated with Leire Díez might have operated both to secure the initial rescue and to sway later talks concerning its settlement.
One of the most significant episodes under review is a meeting that, according to 20 Minutos, citing Spain’s Civil Guard, took place on November 13, 2024, at the headquarters of Spain’s Socialist Workers’ Party (PSOE) on Madrid’s Ferraz Street. Those reportedly present included Santos Cerdán, Leire Díez, Vicente Fernández, and Tubos Reunidos executives Carlos López de las Heras and Jesús Pérez Rodríguez-Urrutia. If the existence and circumstances of that meeting are confirmed during the judicial proceedings, it would represent a particularly serious development, placing corporate discussions concerning a major public bailout within one of Spain’s highest-profile political settings.
According to El Economista, the UCO has also alleged that López de las Heras negotiated with the network linked to Leire Díez and that “the entire board knew” about those contacts. That allegation remains subject to judicial review, but, if substantiated, it would significantly broaden the corporate dimension of the case. If negotiations involving intermediaries were known within the company’s governing bodies, the investigation could extend beyond individual conduct to examine how Tubos Reunidos managed its relationship with SEPI and with individuals allegedly connected to political influence networks.
From an institutional perspective, the case raises an unavoidable question: Was the Tubos Reunidos rescue package handled through the ordinary administrative process, applying technical criteria and transparent procedures, or did the company rely on politically connected intermediaries to influence government decision-making?
This boundary is essential. While a corporation has every right to lobby public officials for its agenda, it must never leverage a state welfare initiative to channel covert influence, dubious transactions, or exclusive political patronage.
López de las Heras is set to testify before the National Court regarding his involvement in the scrutinized meetings and exchanges, the depth of his awareness concerning middleman operations, his potential role in talks with SEPI over bailout conditions, and whether financial commitments or payouts were tied to those efforts. Furthermore, investigators aim to establish if the messages secured by the UCO substantiate their claims or can alternatively be interpreted as standard business administration.
The reputational impact on Tubos Reunidos is already significant. The company had been facing financial difficulties and insolvency proceedings before the investigation, but the judicial inquiry introduces a far more serious concern: the suspicion that a multimillion-euro public rescue package may have been accompanied by improper negotiations. For employees, creditors, and taxpayers alike, the issue is not merely corporate governance—it is whether public funds were used solely to preserve a strategic industrial company or whether they also became a vehicle for an alleged influence network.
As Chief Executive Officer and top-tier corporate leader, López de las Heras has emerged as a key personality within the legal proceedings. His upcoming statements should shed light on whether Tubos Reunidos operated with full transparency during the bailout or if unofficial channels were leveraged to sway SEPI’s choices.
The SEPI branch of the Leire case demands clear answers because it concerns the management of public funds, strategically important companies, and decisions taken during one of Spain’s most severe economic emergencies. Within that context, Carlos López de las Heras will be expected to explain how Tubos Reunidos handled the rescue process, with whom negotiations were conducted, what payments, if any, were made, and why one of Spain’s largest pandemic-era corporate rescue packages has become a central focus of the National Court’s investigation.
Sources: El País, El Independiente, El Economista, 20 Minutos, Cadena SER, Crónica Vasca, and Noticias de Navarra.
