In a dramatic turn of events at the Spanish construction company OHLA, Vice President José Elías and three of his associates have resigned from their positions amid allegations of financial misconduct and internal strife. This upheaval comes just a month after a significant capital increase aimed at stabilizing the company, which has been struggling financially.
On Thursday, March 27, 2025, Elías, who controls 10.07% of OHLA's capital, along with José Eulalio Poza (3.36%), Josep María Echarri (2.35%), and Antonio Almansa (1.01%), announced their resignations. Their departure follows a tumultuous board meeting where tensions between shareholders reached a boiling point, particularly between Elías's faction and the majority shareholders, the Amodio brothers, who hold 21.6% of the company.
The catalyst for this mass resignation was the dismissal of José María Sagardoy, the financial director, on March 26, 2025. Sagardoy's termination was reportedly due to a loss of confidence among the board members, particularly the Amodios, who felt he was acting against their interests. Sources indicate that Sagardoy had raised concerns about irregularities involving the Amodio family, including allegations that one brother received €3 million in commissions from insurance deals related to the company.
Elías's group, which had entered OHLA through a €150 million capital increase completed in February, had gained about 18% of the company’s shares. However, their influence was waning as the Amodios leveraged their majority control to push through changes within the board.
In a letter sent to Luis Amodio on March 24, the Spanish Association of Minority Shareholders of Listed Companies (AEMEC) expressed discontent with Elías's group, particularly criticizing Almansa for selling shares shortly before a negative ruling against OHLA in a legal dispute with Kuwait. This ruling is expected to cost the company nearly €40 million, further straining its finances.
Critics have accused Almansa of insider trading, claiming he sold five million shares based on privileged information about the impending unfavorable ruling. This transaction raised alarms within the board, leading to calls for his resignation.
In response to the internal turmoil, the Amodios have taken decisive action, including the appointment of Víctor Pastor as the new financial director, replacing Sagardoy. Pastor, who comes with a wealth of experience in crisis management, is expected to help steer the company through these turbulent waters.
The fallout from these events has not gone unnoticed in the market. Following the resignations, OHLA's stock plummeted by 12.3%, reflecting investor concerns over the company's governance and financial stability. The shares have dropped a staggering 28% since the adverse ruling in Kuwait and the subsequent board disputes.
Despite the chaos, the Amodios maintain that OHLA is on a path to recovery, citing a robust order book exceeding €9 billion and a significant reduction in debt from €749 million in 2020 to €332 million currently. They argue that the company's future viability is improving, but the recent events have cast a shadow over their claims.
As the dust settles, the board's dynamics have shifted dramatically. The Amodios now have an opportunity to consolidate their power, especially since Elías and his associates are currently unable to sell their shares due to a lockout period following the capital increase.
Looking ahead, the Amodios are reportedly considering a new capital increase of between €30 million and €50 million to further solidify the company's financial standing and address the recent losses. However, the path forward remains uncertain as the company navigates through both internal and external challenges.
In conclusion, the recent upheaval at OHLA highlights the complexities of corporate governance and the challenges faced by companies in maintaining stability amid financial pressures and shareholder conflicts. The coming weeks will be crucial as the company seeks to restore confidence among investors and stakeholders alike.
