Amodio Brothers' Firm Embroiled in Controversy as OHLA's Executive Resigns

The Spanish construction giant OHLA (formerly OHL) is currently navigating turbulent waters as allegations of illicit enrichment surface, leading to the resignation of its Vice President, Francisco José Elías. The accusations, brought forth by Mexican businessmen Luis and Mauricio Amodio Herrera, major shareholders in OHLA, are sending ripples throughout the company and the Madrid stock exchange. According to Roberto Valadez (2024) from Grupo Milenio, this unfolding drama is casting a shadow over the ambitious plans the Amodio brothers have for the future of the construction firm.

The Allegations Against Antonio Almansa

At the heart of the controversy lies Antonio Almansa, a close associate of the now-former Vice President Elías. Almansa is being accused of profiting handsomely from the sale of five million OHLA shares. Reports suggest Almansa acquired these shares at a mere 0.25 euros each and subsequently sold them for between 0.50 and 0.52 euros, effectively doubling his investment. This rapid and significant profit has raised eyebrows and sparked suspicions of insider trading and other financial irregularities. Grupo Milenio (2024) reports that the Amodio brothers, upon discovering these transactions, initiated legal action against Almansa, further straining the relationship with Francisco José Elías, ultimately leading to his departure.

The Amodio Brothers' Rise to Power in OHLA

Luis and Mauricio Amodio Herrera have been steadily increasing their influence within OHLA since their initial investment in 2020. Their company, Grupo Cabsa, which has a strong presence in the Mexican construction industry, initially acquired 16% of OHLA's shares from its founder, Juan Miguel Villar Mir. This move made them the largest shareholders and gave them considerable sway in the company's decision-making processes. Undeterred by initial challenges, the Amodio brothers continued to increase their stake, reaching 25% ownership by 2021. According to Grupo Milenio (2024), the brothers then spearheaded significant changes within OHLA, including seeking new investors and rebranding the company.

Francisco José Elías's Role and Departure

Francisco José Elías joined OHLA during a period of significant restructuring, accompanied by a team of advisors including Josep María Echarri, MariCarmen Vicario, and Antonio Almansa. Elías played a crucial role in securing a capital injection of 150 million euros, which was vital in averting the potential collapse of the Spanish company. However, the recent scandal involving Almansa has soured the relationship between Elías and the Amodio brothers, culminating in Elías's resignation from his position as Vice President.

OHLA's Future Under Scrutiny

The ongoing controversy has had a tangible impact on OHLA's market performance. Shares in the company plummeted by 13% on the Madrid Stock Exchange, reflecting investor uncertainty and concern. As stated by Roberto Valadez (2024), the Amodio brothers had been working on a new business plan for OHLA, slated for implementation in 2028, with Francisco José Elías involved in the initial stages. However, Elías's departure and the shadow of financial impropriety now cast doubt on the future direction of the company.

Grupo Cabsa's Expanding Horizons

Beyond their involvement with OHLA, Luis and Mauricio Amodio's Grupo Cabsa is a major player in the Mexican construction industry. Founded in 1979, the company boasts a portfolio of over 30 companies across various sectors, including building construction, supervision, and engineering project management. Their notable projects include the Centro Comercial Santa Fe, a section of the Mexico-Toluca train, the El Zapotillo dam, and the Nuevo Necaxa-Ávila Camacho highway. Grupo Cabsa has also expanded its reach into Latin America, exploring potential projects in Peru.

Amodio's Perspective on OHLA's Viability

Despite the current turmoil, the Amodio brothers remain optimistic about OHLA's long-term prospects. According to Roberto Valadez (2024), they assert that the company is becoming increasingly viable, boasting a record-high order book exceeding 9 billion euros and a debt currently limited to 332 million euros, a significant reduction from 749 million euros in 2020. They are actively working to restore investor confidence and steer the company toward a stable and profitable future.

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