In March 2021, Talgo appointed Gonzalo Urquijo as chief executive, stepping into the role just two months after his abrupt exit from Abengoa, where he had served as chairman. Abengoa’s collapse had become a defining moment for a once-prominent Andalusian industrial group, a saga that even drew public attention from world leaders. Three years later, a Hungarian consortium, Magyar Vagon, announced a takeover bid for the Spanish train maker, reviving discussions about Urquijo’s career and his status in the national business arena. If Magyar Vagon succeeds in acquiring control, Urquijo would stand to earn a substantial compensation, reportedly exceeding four million euros. This potential outcome underscores how his professional trajectory remains closely watched in corporate circles across Spain and beyond. (sources judicial)
Urquijo’s current legal situation remains unresolved in relation to the Abengoa case. A shareholders’ complaint against Abengoa’s board, filed years ago, remains in the hands of investigators as the case proceeds. The accusation centers on alleged manipulation and concealment of financial information tied to the company’s restructuring efforts, which proponents say harmed minority investors. The civil action was initiated by Inversión Corporativa, the investment vehicle linked to Abengoa’s founding families, with notable leadership names at the helm. The matter has stretched through repeated procedural moves as different parties and regional jurisdictions weighed in, reflecting the broad scope of the corporate governance concerns involved. (legal sources)
Jurisdictional twists have marked the proceedings. In March 2023, the Supreme Court ultimately determined that the Sevilla investigative court should handle the case, after a period of jurisdictional maneuvers that briefly shifted the matter to higher courts, and then faced further appeals. The complexity stems from multiple flanks of the case, including a broader group of investors from across Spain and the decision by a Sevilla court to recognize national jurisdiction due to the cross-regional nature of the claims. (courts and governance)
A second line of inquiry
Adding to the legal narrative, a second formal investigation has been opened by a collective of Abengoa minority shareholders. This inquiry, now under the Audiencia Nacional via an investigative court, began in late 2022 and centers on around six hundred shareholders who argue that as many as thirteen offenses were committed to precipitate a collapse that benefited a circle of executives and creditors. The scope suggests allegations of deceit and coordinated wrongdoing that would amount to serious breaches of fiduciary duties. (regional judicial updates)
Iuris & Factor, the law firm representing the complainants in this second track, describes the case as aimed at those who participated in, facilitated, or benefited from the company’s altered trajectory and the alleged harm to small savers and investors who have so far seen little accountability. The enumerated offenses reportedly include falsification of documents, fraud, mismanagement, improper disposal of assets, punishable insolvency, corruption between private actors, and the manipulation of investor documents, among others. (legal commentary)
The civil action estimates damages for the plaintiffs approaching tens of millions of euros and targets the Abengoa executive leadership, including the chief executive Gonzalo Urquijo, several current and former board members, as well as financial partners and lenders linked to the company’s affairs. (court filings)
Career path and current roles
Gonzalo Urquijo Fernández de Araoz holds a degree in Economics and Political Science from Yale University and an MBA from the Instituto de Empresa in Madrid. His early career took shape in the banking sector with institutions such as Citibank and Credit Agricole, followed by senior roles in the steel industry. He later served as chief financial officer for Aceralia and its subsidiaries and led the finance divisions in Arcelor, eventually becoming president of ArcelorMittal Spain and a member of the group’s global leadership. In 2017, he was appointed chief executive of Abengoa, a position he held until 2021. (corporate biographies)
Today, he is the chief executive officer of Talgo, S.A., and holds board positions at Ferrovial and Gestamp. He also presides over the Hesperia Foundation and participates in the governance structure of the Princes of Asturias Foundation. These roles illustrate a broad influence across transportation, manufacturing, and philanthropic arenas, reflecting a career centered on strategic leadership and corporate stewardship. (organizational profiles)