October 26, 2020

A convicted of tax crime, offshore companies and an Entrecanales join the new fund of Borja Prado in Luxembourg



A person convicted of a tax offense, offshore companies and several large Spanish fortunes, including a member of the Entrecanales family, Acciona’s main shareholders. These are some of the minority partners that have joined a Luxembourg company of Peninsula Capital, the private investment fund that is run by the financier and former president of Endesa Borja Prado and that manages, among others, the assets of the Qatari sovereign wealth fund (QIA) .

According to the Luxembourg Registry, the new shareholders of PII5, Peninsula’s new Luxembourg vehicle, joined its shareholders on February 24, just before the outbreak of the coronavirus crisis. By then, the pandemic had already landed in Italy, a country to which Prado is closely linked.

The planned investment in the new investment vehicle of the Prado fund is unknown. The executive has declined to attend to elDiario.es

The largest share among the new partners corresponds to the Spanish company Avervelo SL, managed by the brothers Fernando, Juan Ignacio, Macarena and María Fernanda Sainz de Vicuña Primo de Rivera.

The four are children of Fernanda Primo de Rivera and Urquijo, niece of José Antonio Primo de Rivera (founder of Falange) and granddaughter of dictator Miguel Primo de Rivera, and of Juan Manuel Sainz de Vicuña Soriano, the businessman who introduced Coca-Cola in Spain and in the old African colonies. Thanks to her friendship with dictator Francisco Franco, Sainz de Vicuña orchestrated the distribution of regional bottlers among some of the great families of the Franco regime.

After the Sainz de Vicuña Primo de Rivera is also listed as a shareholder of PII5 the Luxembourgian Golden State SA, which closed 2019 with more than 30 million in assets and whose owner, according to the Luxembourg Registry, is the businessman from Cádiz with tax residence in Switzerland Miguel Rodríguez, owner of the watch manufacturer Festina, a company that is currently receiving a temporary employment regulation file (ERTE) as a consequence of the coronavirus crisis.

Behind Rodríguez, in this case without companies, is the Madrid based in London (in a building in the exclusive Chelsea neighborhood overlooking the River Thames) Carlos Ortega, founder and former CEO of the textile firm Pepe Jeans. In 2017, this businessman, who appeared on the so-called Falciani list of tax evaders and on the Panama Papers, accepted a conviction pursuant to two tax offenses and he eluded the jail in exchange for about 10 million euros after reaching an agreement with the Prosecutor’s Office and the State Bar.

Virgin Islands, Cayman Islands and Andorra

The rest of PII5’s partners are various companies of diverse origin, among which there are some whose owners are unknown: a firm from the British Virgin Islands, NJF Capital Corp; another from Andorra (Tourbillon Patrimonis SLU); the Lebanese MN Holding SAL; and Haig International LTD of the Cayman Islands.

Also appearing are the Belgian family office Golda Darty Partners; and the Spanish Newco Entreriver SL, closely linked to the owners of Acciona, an Ibex 35 company that has, since 2015, as an independent director, another member of the Sainz de Vicuña clan, such as Prado, from select circles in Sotogrande (Cádiz), Ana Sainz de Vicuña Bemberg.

Newco Entreriver SL is managed by Daniel Entrecanales Domecq, director and shareholder of Acciona and brother of the president of the construction, services and energy group, José Manuel Entrecanales. Their main investment, according to their latest accounts available through Insight View (from 2018), is 20.01% of Wit Europese Investering BV, one of the Dutch companies that use Entrecanales to control Acciona.

This company was key in the landing of Borja Prado in Endesa. In 2007 he allied with the Italian company Enel to control the electricity company and, after the breakdown of that fleeting alliance in 2009, with Endesa already under full control of the Italian semi-public group Enel, Prado was appointed executive president of the energy multinational, a position he held until his departure a little over a year ago.

Descendant of Christopher Columbus, bullfighting businessman and rancher excellently related to Madrid’s elites, the son of the late Manuel Prado Colón de Carvajal (private administrator of King Juan Carlos for twenty years) set up the Peninsula fund in 2015, when he was still Endesa’s chief executive , together with several former directors of Mediobanca, the Italian investment bank of which he was an executive in Spain.

Among the companies in which Peninsula has invested so far are Italian companies such as the high-speed operator Italo NTV (from which it emerged in 2018 with strong capital gains), Kiko Milano (cosmetics), the asset manager Azimut Holding, the manufacturer of caps for Guala Closures bottles and private healthcare operator Garofalo Healthcare, of which it owns about 10%. Recently, the company came to the rescue of Mediaset in his struggle with Vivendi. Prado has been a director of the Silvio Berlusconi media group for years.

Other Peninsula investments are the Spanish aeronautical group Aernnova or the Greek shipping company Contships (through a company in Cyprus), owned by the businessman Nikos Pateras, shareholder and former president of Panathinaikos FC, and whose facilities in Athens he recently visited former French President Nicolás Sarkozy.

With central offices in London, Peninsula has as partners or advisers, according to its website, Javier Prado, Prado’s son, Jean Sarkozy, Sarkozy’s son, or Prado’s former chief of staff at Endesa, Carlos Cortina, son of the former president of Repsol Alfonso Cortina Alcocer, recently deceased due to coronavirus.

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