• Rupture Crisis in La Rioja: Concha Andreu dismisses the Minister of Education who has 77 million in a Sicav and the Executive spokesman

Teaching and music. These are the pillars that sustain the life of Luis Cacho (54) and under which he accepted the post of Minister of Education of the Government of La Rioja a year ago . However, his plans for the town have been truncated this week: a forced cessation of his businesses outside of politics and criticism of the Riojan educational sector, relieved by the departure of this independent director, a personal bet of the socialist Concha Andreu.

The scandal that has removed Cacho from politics has the name of a sicav and a price of 77 million. However, this Riojan will have an easy time reinventing himself after his short and abrupt stint in public office.

Luis Cacho was trained as a guitar teacher at the La Rioja Conservatory of Music, where he obtained an End of Degree Award after seven years of practice and study. While combining his work as a teacher at various Spanish conservatories, he enrolled at the University of Salamanca, where he studied Geography and History and Musicology.

With his training completed and a job as a teacher, Luis Cacho became interested in the new world of the internet. He met physicist Nicolás Iglesias and they decided to invest in a platform to create and host domains. Arsys was born then, the company they created in 1999 and which soon became the goose that laid the golden eggs. So much so that they became the main rival of the German United Internet (1 & 1), which in 2007 made a purchase offer that made Cacho a millionaire and that is the beginning of the current problems.

The partners sold 79% of the company in 2007 for 160 million to the German competition. They directly entered 35 million, plus the collection of dividends from six fiscal years. A business hit that Cacho channeled through three sicavs : Universum -with 29.4 million euros of outstanding capital-, Talentia Inversiones - 4.5 million - and Camera, with 8.4 million euros of outstanding capital. The three data are in the public domain and can be consulted on the website of the Alternative Stock Market. In turn, these three companies are controlled by Ofeo Capital. A normal corporate structure for any businessman with large assets.

CHANGE OF NAMES

When Luis Cacho made the leap to politics in August 2019 as a personal bet of Concha Andreu, he transferred the presidency of the three sicavs to Miguel Ángel Temprano and put his wife, Ana Mera , and his sister, Maricarmen, as advisers. However, the general secretary of the Riojan socialists criticized Cacho's investment model and assured that it did not match the philosophy of his party.

Criticism increased when the local press published last week that Cacho has a good part of his assets, 77 million in particular, in a company based in Luxembourg . An accusation that was worth for Andreu to announce this Monday, August 3, the dismissal of his counselor. On Wednesday Luis Cacho, who did not want to make statements to LOC, denied these events through a statement. However, the passage through politics of the guitar teacher who left music for leisure has been brief and truncated by the millions.

According to the criteria of The Trust Project

Know more

See links of interest

  • Last minute
  • TV programming
  • Spanish translator
  • 2020 calendar
  • Horoscope today
  • League classification
  • Santander League Calendar
  • Movies today
  • Topics
  • Deportivo de La Coruña - Fuenlabrada
  • Manchester City - Real Madrid, live
  • Juventus - Lyon