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Spain disbanding Defex

25 September 2017

The Spanish cabinet has given the go-ahead for the dissolution of defence exports promotional body Defex, which has been the subject of judicial investigations for the past three years over potential payments of multi-million kickbacks on orders.

The national government has a majority 51% stake in the body through state-owned holding company Sociedad Estatal de Participaciones Industriales (SEPI) with the remaining shares held in the private sector.

The cabinet’s decision on 22 September came nearly five months after the SEPI board called on the government to approve the dissolution of Defex.

In a statement the government pointed to the negative effects of the company's damaged reputation in recent years.

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