José Elías Resigns from OHLA Board Amid Investor Conflict and Allegations
Four investors, including José Elías, resign from the board of the construction firm following insider trading allegations and internal disputes.
José Elías, alongside three other investors, has resigned from the board of directors of OHLA, a prominent construction company, as confirmed by sector sources on March 27, 2025. The resignations come after OHLA filed a complaint against one of the new investors, Antonio Almansa, for allegedly engaging in insider trading related to the negative outcome of an arbitration ruling in Kuwait announced the previous week.
The group of investors, which entered OHLA in late 2024 through a corporate entity named Excelsior Times, included José Elías, who is also the president of Audax Renovables and owner of La Sirena; Key Wolf, a company represented on the board by Maricarmen Vicario; The Nimo, the parent of Grupo Inveraedy led by Josep Maria Echarri; and Coenersol, a solar park developer represented by Almansa.
In light of the complaint and ongoing disagreements with major shareholders, the Amodio brothers from Mexico, the newly joined investors opted to submit their resignations collectively.
Alongside them, Luis Andrés Holzer, an independent Mexican representative of Inmobiliaria Coapa Larca, will remain on the board.
The resigning investors had previously focused on legal actions pending against Tomas Ruiz, the CEO and a trusted associate of the Amodio brothers, regarding issues in Mexico.
However, the company had defended Rui's appointment, asserting that he is not in a conflict of interest and does not face any incompatibilities that would prevent him from serving as a board member.
Concurrently, the Amodio brothers have utilized these administrative changes to dismiss the Chief Financial Officer, José María Sagardoy, following allegations of personal misuse of company credit cards.
They have proposed Víctor Pastor, an executive with prior experience at FCC, Abengoa, and Duro Felguera, as his successor.
As a result of these developments, OHLA's shares dropped by 12.3% to €0.37 on March 27, making it the worst-performing stock in the continuous market.
The company has experienced a total decline of 28% since the announcement of the arbitration ruling in Kuwait and subsequent boardroom conflicts.
The group of investors, which entered OHLA in late 2024 through a corporate entity named Excelsior Times, included José Elías, who is also the president of Audax Renovables and owner of La Sirena; Key Wolf, a company represented on the board by Maricarmen Vicario; The Nimo, the parent of Grupo Inveraedy led by Josep Maria Echarri; and Coenersol, a solar park developer represented by Almansa.
In light of the complaint and ongoing disagreements with major shareholders, the Amodio brothers from Mexico, the newly joined investors opted to submit their resignations collectively.
Alongside them, Luis Andrés Holzer, an independent Mexican representative of Inmobiliaria Coapa Larca, will remain on the board.
The resigning investors had previously focused on legal actions pending against Tomas Ruiz, the CEO and a trusted associate of the Amodio brothers, regarding issues in Mexico.
However, the company had defended Rui's appointment, asserting that he is not in a conflict of interest and does not face any incompatibilities that would prevent him from serving as a board member.
Concurrently, the Amodio brothers have utilized these administrative changes to dismiss the Chief Financial Officer, José María Sagardoy, following allegations of personal misuse of company credit cards.
They have proposed Víctor Pastor, an executive with prior experience at FCC, Abengoa, and Duro Felguera, as his successor.
As a result of these developments, OHLA's shares dropped by 12.3% to €0.37 on March 27, making it the worst-performing stock in the continuous market.
The company has experienced a total decline of 28% since the announcement of the arbitration ruling in Kuwait and subsequent boardroom conflicts.
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