On Thursday morning, officers from the National Police’s Economic and Financial Crime Unit (UDEF) arrived at the Madrid office of airline Plus Ultra. The reason was an investigation into possible money laundering related to government aid received by the company, as well as prior cases of financial assistance. The operation is part of a case that has resurfaced after years of delays and court proceedings.
Plus Ultra, which has ties to Venezuela, received 53 million euros in 2021 from the State Society for Industrial Participations (SEPI) as part of a support program for strategic companies affected by the pandemic. However, shortly after, the company came under investigation initiated by Madrid’s 15th Investigative Court. The case was eventually dropped due to a procedural error: the judge failed to extend the investigation period, and formal charges could not be brought in time.
Legal twists and turns
In November 2022, the Madrid Court of Appeal sided with Plus Ultra, which challenged the legality of pressing charges after the statutory deadline had passed. The judges ruled that the company could not be summoned for questioning if procedural deadlines were violated. Judge Esperanza Collazos scheduled interrogations for May and June, but none of them took place. As a result, the case was closed, and in January 2023, the judge issued an order for the temporary suspension of the investigation.
In that investigation, representatives of Vox, the People’s Party (PP), and Manos Limpias acted as plaintiffs. They sought to determine whether the government’s decision to allocate funds from the strategic companies support fund to Plus Ultra was lawful. Court-appointed experts stated that since 2019, the airline had been on the verge of bankruptcy and was not eligible for state aid. At the same time, findings presented by SEPI and two independent consulting firms indicated that at the time the funds were received, Plus Ultra was not undergoing liquidation. State attorneys and the Madrid prosecutor’s office saw no evidence of criminal activity at that time.
Investigation Resumes
The investigation has now been revived and is being monitored by the anti-corruption prosecutor’s office. Details of the new operation have not yet been disclosed, but it is known that the case is linked to earlier episodes and may be overseen by the same judge as before. The inquiry is once again examining the circumstances surrounding the airline’s receipt and use of state funds.
Particular attention is being paid to why some of the funds allocated to Plus Ultra were used to pay off debts owed to the Venezuelan state oil company PDVSA. Airline representatives explained that these payments were necessary due to debts that could not be settled earlier because of international sanctions and the freezing of PDVSA’s accounts. However, independent court experts noted that prioritizing these payments raises questions, as the company also had other, more pressing financial obligations.
Questions regarding state support
During the previous investigation, the legitimacy of Plus Ultra receiving government aid was discussed. Court experts and prosecutors pointed to signs of financial insolvency at the airline even before the pandemic. At the same time, official reports from SEPI and consulting firms indicated the opposite. The legality of the allocation of funds and their subsequent use remains unresolved.
It has not yet been reported whether there have been any arrests or seizures of documents during the search. The investigation is ongoing, and new details may emerge soon. Operation UDEF has become yet another episode in the ongoing controversy surrounding state support for Plus Ultra and its financial ties with foreign companies.
