Overview
- SEPI president Belén Gualda told lawmakers that the state must act as a stable shareholder in strategic firms to preserve national security, technology and defence capabilities.
- The proposed Indra–Escribano transaction remains paralysed after SEPI flagged an unresolved conflict of interest and Escribano withdrew its offer, following internal reviews and a special commission at Indra.
- Gualda has asked Indra to produce an immediate analysis of how the cancellation of the FCAS European fighter programme will affect Spain, noting that Indra was the national coordinator for the project.
- Opposition MPs sharply criticised SEPI for politicisation and linked the holding to past judicial probes, while Gualda denied that the Guardia Civil searched SEPI headquarters and affirmed the group’s commitment to transparency.
- SEPI frames its intervention as long-term industrial policy: it raised its Indra stake to 28% in 2022 and bought 10% of Telefónica in 2024 to keep key defence, cyber and communications assets stable, a stance that now faces political and governance scrutiny.