Causes of the file
The case goes back to late 2020 when the CCP filed a complaint, joined later by other unions, citing irregularities in the sale of the A Coruna and Aviles aluminum plants. The magistrate notes alleged breaches of agreements with the original owner and with workers, framing the situation as a potential pattern of improper conduct in the transfer of assets.
According to the judge, on July 31, 2019, Alcoa sold 100 percent of the capital of both plants to commercial entities ALU HOLDING AC and ALU. The report explains the economic pressures affecting the plants in A Coruña and Avilés, noting that HOLDING AVL had been formed recently by the owner, the Swiss company Blue Motion Technologies AG, part of Parter Capital Group. The timeline then shows a sequence of subsequent transfers that complicated the original sale terms.
Within a short span, and in apparent violation of the sale agreement dated July 31, 2019, 74.67 percent of the shares were sold to the Spanish System Capital Management, now referred to as Iberian Green Aluminum. This company appears to have been established just before the sale and is tied to later corporate movements that influenced the ownership structure of the plants.
From the investigations conducted so far, the prosecutor’s office highlights possible crimes linked to the succession of these transfers and the transfer of the two factories through System Capital Management, Blue Motion Technologies, and the Swiss investment group Parter Capital. The judge stresses that the proceedings examine whether these actions were aimed at recapitalization and control of assets, or at shaping institutional entities and personal legacies that would enable asset capture.
In terms of leadership and control, the court notes that the administrators and executives across the involved entities shifted strategies toward asset retention and institutional structuring that could serve personal or organizational agendas rather than straightforward business purposes. The broader investigation continues to unfold with that context in view. In the interim, unions had agreed to settle certain disputes and paused some criminal and civil actions while private prosecutions were pursued against other defendants, reflecting a broader balance of interests as the legal process moves forward. Source: Court records
‘Alcoa case’
The case began at the end of 2020 when the CCP filed a complaint, later joined by other unions, citing various irregularities in the sale of the A Coruna and Aviles aluminum plants. The magistrate points to alleged violations of agreements reached with the original owner and workers as central to the dispute.
The judge explains that on July 31, 2019, Alcoa sold 100 percent of the capital of both plants to commercial entities ALU HOLDING AC and ALU. He notes the difficult economic situation faced by the production centers in A Coruña and Avilés. HOLDING AVL was formed shortly before by the owner, the Swiss company Blue Motion Technologies AG, part of Parter Capital Group. The narrative shows a pattern of corporate movements that shaped the ownership and control of the plants.
Subsequently, within a few months and in apparent violation of the sale terms, 74.67 percent of the shares were transferred to Spanish System Capital Management, now referred to as Iberian Green Aluminum. This company is described as having been established just before the sale and linked to the ongoing restructuring.
The investigations to date suggest that the possible crimes arise from the succession of transfers and the irregular manner in which the two factories were moved. System Capital Management, through Blue Motion Technologies, appears to have attracted attention to the sequence of events tied to the sales and the investment moves. The judge emphasizes that officials focused on how the assets were recaptured or inherited and whether the moves served personal or institutional objectives.
Regarding leadership roles, the court remarks on how administrators and managers directed the process toward asset recapitalization and control, sometimes shaping structures in ways that could enable personal gain or strategic advantage for specific entities. The inquiry remains active and extends to related individuals and corporate entities connected to the case. Source: Court records