La Audiencia Nacional has formally requested that former executives of Plus Ultra provide the official minutes from meetings held with the state holding agency SEPI prior to the approval of a controversial 53-million-euro public bailout. Investigative magistrate José Luis Calama and Anticorruption prosecutor Elena Lorente directed the action as part of an ongoing judicial probe into the conditions surrounding the rescue package granted to the airline.
Legal sources note that investigators have demanded both the SEPI meeting records and extensive banking and corporate documentation from the company’s former leaders. Attorneys representing the former executives have agreed to compile the requested material and submit it to the court under an established cooperative legal strategy.
The judicial inquiry has increasingly focused on the financial health of the airline at the time of the rescue and the mechanics behind the government’s decision. During recent court appearances, investigators have closely examined how Plus Ultra qualified for emergency funds during the COVID-19 pandemic despite foreign ownership structures and external financial backing.
Scrutiny Over SEPI Oversight and Foreign Capital
During his testimony before the court, Roberto Roselli addressed the level of oversight exercised by the state agency, pointing to what he described as limited institutional monitoring of the airline’s actual financial standing. According to statements given during the proceedings, the inquiry explored various loans Plus Ultra utilized to shore up its balance sheet ahead of applying for state assistance.
Testimony indicated that the state holding agency allegedly did not thoroughly investigate the origin of certain loans or track the final destination of the bailout funds, even though specific credit lines traced back to tax havens are currently under judicial suspicion. Prosecutor Elena Lorente also pressed former executives regarding ownership distribution, highlighting that Venezuelan investor Rodolfo Reyes and his wife, Spanish national Aurora López, ultimately controlled 64% of the carrier.
Investigators are working to determine whether the company met strict legal prerequisites for receiving capital from the Strategic Enterprise Solvency Support Fund. Prosecutors specifically questioned whether corporate leadership properly met foreign capital limitations set for strategic entities.
Allegations Concerning Intercession Commissions
The judicial hearings also revisited claims regarding political intercession in securing the financial package. Former executives testified that «el Grupo Zapatero» received a 1% success commission tied directly to the approval of the bailout funds.
According to statements entered into the record by company leadership, the fee was contingent upon the successful disbursement of the 53 million euros, which was finalized in March 2021. Former executives maintained that corporate leadership received advance notice of the pending approval days before the official announcement, following communications between company stakeholders and political intermediaries in late February of that year.
Plus Ultra Bailout Timeline and Key Figures
- February 26, 2021: Company stakeholders reportedly receive advanced notice regarding the impending approval of state support.
- March 2, 2021: SEPI formally backs the financial rescue package for the airline.
- March 9, 2021: The Council of Ministers officially formalizes the 53-million-euro bailout.
As the legal proceedings continue, the court expects defense attorneys to deliver the mandated meeting minutes and financial records in upcoming filings. Magistrates will review the newly requested documentation to determine the extent of oversight and the legitimacy of the corporate criteria applied during the pandemic-era rescue.
Disclaimer: This article provides general information regarding an ongoing legal proceeding and does not constitute formal legal or financial advice. Readers interested in sharing feedback or discussing this report are encouraged to leave a comment below or share the story.
