Else Beekman
Cristóbal Montoro, former Spanish Finance Minister, has been formally placed under investigation in a far-reaching corruption case involving alleged legislative manipulation for the benefit of gas companies.
The accusations, tied to his time in office under the Rajoy government, mark a significant blow to the Partido Popular (PP) and have sparked fierce political reaction across the spectrum.
Alleged offences during time in office
Together with Montoro, who served as Finance Minister from 2011 to 2018 under Prime Minister Mariano Rajoy, authorities name 28 individuals in a judicial investigation led by the provincial court in Tarragona. The case centres on allegations of bribery (cohecho), abuse of power (prevaricación), fraud, and falsification of documents (falsedad documental).
According to investigative reports from the newspaper El País, the former minister and several close associates allegedly worked with major gas companies to engineer favourable legislation passed in 2013 and 2018, both during Montoro’s tenure. These legislative changes reportedly resulted in substantial financial benefits for those companies.
Key among the claims is that up to €8 million in payments went to Montoro’s private consultancy firm, then called Equipo Económico, now Global Afteli. Money he received in return for crafting regulatory reforms that directly served the interests of major energy players. Several high-ranking former Treasury officials and members of Montoro’s advisory circle are also implicated.
Political backlash
The political fallout has been swift. The Partido Popular moved to publicly distance itself from Montoro. He left the party voluntarily in early July 2025, shortly after he formally became a suspect in the investigation following the emergence of the investigation, PP leader Alberto Núñez Feijóo has emphasised that the alleged misconduct relates to a period more than a decade ago and bears no connection to the party’s current leadership.
Speaking to Cadena SER, Feijóo’s spokesperson, Elías Bendodo, dismissed the affair as “historic matters” and warned against politically motivated framing of events. Nonetheless, the PP faces renewed scrutiny over earlier cases of legislative capture and conflicts of interest.
From the left, the response has been damning. Prominent PSOE figures, including María Jesús Montero, Adriana Lastra, and Rafael Simancas, have called for full transparency. Furthermore, they accused the PP of systemic favouritism towards private enterprise. They argue the case reflects a wider pattern of policy-making whereby politicians are being captured by corporate interests. According to them, this issue undermines the integrity of democratic governance.
Long-running investigation comes to light
The suspected corruption dates back to the approval of tax reforms and regulatory adjustments in 2013, while Montoro was in office. Furthermore there were reforms in 2018, shortly after he had left the ministry. Though the investigation only became public in July 2025, evidence had been accumulating for several years. Reports suggest that whistleblower tips, internal emails, and confidential documentation played a key role in the judge’s decision to formally list Montoro and his co-defendants as suspects.
The companies allegedly involved belong to a business group known as AFGIM, which may have exerted direct influence on legislative language to favour their commercial interests.
Montoro’s response
Montoro has denied all allegations, calling the case a “political witch-hunt”. Furthermore, he states that there is “no evidence whatsoever” to support the accusations. In a statement to 20Minutos, he said he trusted the judicial system and was confident the process would clear his name.
Despite his denials, legal analysts expect a lengthy and complex trial, given the high-profile nature of the accused and the technical details of the financial legislation involved.
A deepening political crisis?
The Caso Montoro adds to a growing list of corruption cases that continue to tarnish Spain’s political class. There are no formal charges yet, but the case feeds ongoing concerns about transparency and the intersection of politics and private enterprise in Spain.
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