Operación por fondos públicos
La UCO registra Tubos Reunidos en Bilbao por orden judicial buscando pruebas de desvío de ayudas públicas
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Agents from the Civil Guard's elite UCO unit raided the Bilbao headquarters of Basque steelmaker Tubos Reunidos on June 4, searching for evidence of a €10 million diversion of public funds, according to La Provincia. The operation was ordered by Audiencia Nacional judge Santiago Pedraz and ran simultaneously with a search at SEPI's Madrid offices — the state holding company that gave the firm a €112.8 million COVID rescue loan back in 2021.
The raid is part of a sweeping corruption case nicknamed "Caso Fontanera" or "Caso Leire." Prosecutors suspect a small political network used public rescue money to bankroll a secret unit aimed at discrediting judges, prosecutors, and Civil Guard commanders, according to Levante. The timing is striking: Tubos Reunidos filed for bankruptcy just one month ago, on May 4, 2026.
A €112 Million Rescue That Unraveled Fast
In July 2021, Spain's Council of Ministers approved a €112.8 million bailout for Tubos Reunidos through the SEPI COVID-19 relief fund. The money was meant to save a strategic industrial company and protect 1,300 jobs in the Basque Country. But within months, the firm hired Vicente Fernández Guerrero — the former SEPI president — as a paid external advisor through a consultancy in Zaragoza, according to Diario de Mallorca.
Prosecutors say Fernández received €114,950 in advisory fees they describe as "mendacious" — meaning the work was fictitious cover for influence peddling. By April 28, 2026, the company's shares had crashed 37.5% in a single day after it warned of "imminent insolvency." Total net debt stood at €263.2 million. Reported losses for 2025 alone reached €118.8 million, according to El Periódico de Aragón.
The "Hirurok" Network and the Missing €10 Million
At the center of the case is a group that called itself "Hirurok" — Basque for "The Three" — who communicated through encrypted Threema messages. The group allegedly used political ties to the PSOE and SEPI to steer public rescues toward specific companies, according to Diario Córdoba. Key figure Leire Díez Castro, a former PSOE militant, was arrested in December 2024 on charges of influence peddling.
The €10 million UCO investigators are now chasing is suspected to have funded what sources describe as a "black ops" unit. That unit reportedly worked to smear and destabilize the judges and police officers probing other government-linked corruption cases. On May 27, just days before today's raid, UCO agents also visited PSOE national headquarters in Madrid to collect documents, according to El Correo Gallego.
Jobs at Risk, Political Fallout Grows
With Tubos Reunidos now in formal insolvency proceedings, the 1,300 workers at its Aiaraldea plants face an uncertain future. Basque Industry Minister Mikel Jauregi (PNV) has pushed the central government to "flexibilize" the company's debt. PNV deputy Idoia Sagastizabal put it plainly: "We are not asking for a rescue... we are asking for a breath of air," according to El Correo Web.
If the company liquidates, Spanish taxpayers are expected to lose at least €150 million through SEPI. Politically, the case puts the PSOE under serious pressure. Former party organization secretary Santos Cerdán has been named as a suspect by Judge Pedraz. Interior Minister Fernando Grande-Marlaska insists the government allows "no interference" in judicial work, according to El Día.
What Comes Next in the Investigation
Judge Pedraz moved quickly to search Tubos Reunidos while it is still in active bankruptcy proceedings — a rare step that legal observers say was designed to stop documents from being destroyed. Parts of the case remain under "secreto de sumario" — a Spanish legal term meaning the file is sealed from the public. Investigators are expected to release more details within 48 to 72 hours, according to La Opinión de Murcia.
The CNT union has called for a separate inquiry into whether company management deliberately used a worker strike as a pretext to trigger the insolvency filing. Meanwhile, the stock remains suspended by Spain's market regulator, the CNMV, at just €0.14 per share — down from €0.63 less than a year ago, according to Diario de Ibiza.
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