The Spanish government distances itself from the departure of Ángel Escribano as president of Indra

MadridThe last year at the defense company Indra, whose main shareholder is the State, with 28% of the share capital, has been marked by changes in leadership and a failed operation – the possible merger of Indra with the company Escribano Mechanical & Engineering (EM&E Group)–. Regarding all this, and more, were the questions posed this Tuesday in the National Security Commission of Congress to two officials who have been involved in both controversies: Belén Gualda, president of the State Industrial Participations Company (SEPI, the investment arm of the Spanish government), and the director of the Office of Economic Affairs and G20 of the Spanish government, Manuel de la Rocha.

De la Rocha has distanced himself from the resignation of Ángel Escribano as president of Indra in April of this year after some reports indicated that he played a key role in the executive's departure. In fact, some of the deputies who participated in the commission asked him precisely about his role. "I never requested, threatened, or asked Mr. Escribano for his resignation," stated De la Rocha during his appearance.

with 10% of the share capital.

A failed operationtelecom company with a 10% share capital.

A failed operation

Until shortly before his departure from Indra, Escribano defended his permanence. Speculation, however, about his continuity as president grew. The underlying reason was the operation involving a possible merger between Indra and EM&E Group, the defense company he himself founded alongside his brother, who at the same time held a 14.3% stake in Indra's share capital, a stake that both have since sold. While Escribano looked favorably upon the integration, the Spanish government eventually saw a conflict of interest.

This was acknowledged by Gualda, who appeared before the Congressional commission before De la Rocha did. This conflict of interest, however, was not detected until March of this year, as explained by Gualda, even though the possible integration between both companies had been in the air for months. The first time Indra confirmed it was holding talks with Grupo Escribano was in April 2025. Gualda said it wasn't until December of the same year that the company's board of directors formally put the proposal on the table.

At that time, however, SEPI voted in favor because it saw a "strategic fit." "It is up to the company [Indra] to define and adopt the appropriate strategy [for the company], and it is on these strategic proposals that SEPI sets its position, which is then conveyed by the stakeholder directors," Gualda added.

Finally, last March, SEPI "conveyed its concern" about the conflict of interest generated "despite the measures taken to avoid it," Gualda recalled. Indra had created an "ad hoc committee to evaluate the operation so that Escribano would be excluded. This committee was led by Indra's CEO with executive power, José Vicente de los Mozos, who next week will be replaced by the Catalan Josep Maria Recasens, former executive of Renault in Spain.

Ángel Escribano was replaced, at SEPI's proposal, by the Catalan Àngel Simón, former CEO of CriteriaCaixa. In this regard, Gualda said that it was agreed with the rest of the shareholders that Simón would not have executive powers, unlike Escribano. "The need to return to governance that separates executive and non-executive powers was shared," said Gualda, who defended that Simón has "more than enough experience" for this role.

Tension with the PP

The National Security Commission this Tuesday was driven by the PP so that the Spanish government and SEPI would report on public stakes in Telefónica and Indra, two strategic companies in which the State has invested significant public resources –Junqueras, PNB and EH Bildu deputies did not participate.

The PP deputy Rafa Hernando took advantage of this, however, to poke at the judicial fronts that are besieging the Spanish government and the PSOE and that have placed, precisely, SEPI in the spotlight. This is the case of Plus Ultra, for example, in which the public aid from the solvency fund received by the airline during the covid-19 pandemic is being investigated. Both Gualda and De la Rocha have defended the loan award process that was intended to help strategic companies.

"SEPI fulfilled its role and the solvency fund had results", defended Gualda, who has quantified "62,000" jobs saved thanks to the fund. To access the aid, the president of SEPI recalled, it was necessary to comply with "very demanding conditions". The most tense moment in the commission was, in fact, between Hernando and De la Rocha. "Mr. Hernando, I have not been a "plumber" of any sewer as you have said", asserted the economic director of Moncloa after the PP deputy involved him in the schemes of cases that splash Leire Díez, Santos Cerdán or José Luis Ábalos.