The director had planned to lay off the arrested man as part of a restructuring project, police said.

In fear of losing his job, the head of services, through his sister, contracted a team of six Col****ians who planned and carried out the killing, El Pais reported.

Police have also detained the sister and six Col****ians.

The shooting marks one of the most extreme actions by Spaniards who fear losing jobs, homes and businesses during a recession in which unemployment is rising faster than in any other developed country.

Other cases include an indebted Spanish builder who kidnapped his bank manager at gunpoint and the head of a construction firm who threatened to set himself on fire unless debts he was owed were paid.