THE WORLD

Updated Monday, March 11, 2024-2:20 p.m.

  • Companies Counterattack by Sánchez Galán against Florentino Pérez: Iberdrola demands 72.8 million from him for damages from the 'Villarjo case'

The Provincial Court of Madrid has dismissed ACS

's appeal

against the conviction for

unfair competition

against

Iberdrola

imposed last year in one of the fights between both companies over the

Villarejo Case.

The events date back to February 2021, when, a few days after the energy company published its financial results, the construction company announced through a media outlet that it

was preparing a lawsuit for 2.6 billion euros

against the electricity company if it was finally charged. for his alleged relationship with the former commissioner.

The Provincial Court supported the criteria of the

Commercial Court number 4

of Madrid, which in April 2022 had ruled that it was a "denigratory act" against Iberdrola with the intention of harming the company.

Iberdrola contributed an expert opinion to the case in which it indicated that the amount was equivalent to 72% of the company's net profit, which was large enough to

"generate uncertainty in the market

. "

Furthermore, the company chaired by Ignacio Sánchez Galán argued that the news had been leaked in days of greater scrutiny of the energy company due to the immediacy of the presentation of the financial results with the intention of harming the price, which, in fact, fell that day.

Along the same lines, the court also dismissed the appeal, considering that ACS's statement assuring that it was not working on the lawsuit could not be equated to a denial by the construction company.

STRONG RIVALRY

Both companies maintain a prolonged struggle between them, personified in the figures of their presidents: Sánchez Galán himself and Florentino Pérez.

In the framework of the

Tandem case,

the president of Iberdrola and the renewables subsidiary were charged with alleged espionage against business rivals such as Pérez himself, but the case was archived as the statute of limitations had expired.

After this file, Iberdrola filed a lawsuit to claim almost 73 million euros in damages from Pérez for the damages derived from this accusation.