Senior executives at Plus Ultra acknowledged to Spain’s National Court, the Audiencia Nacional, that they agreed to pay a 1% commission tied to efforts to secure a €53 million state rescue for the airline. The payments were linked to mediation by former Prime Minister José Luis Rodríguez Zapatero and businessman Julio Martínez Martínez. Plus Ultra ultimately received the financing through the state-backed strategic-company solvency fund administered by the Sociedad Estatal de Participaciones Industriales (SEPI), after the Council of Ministers approved it on 9 March 2021.
In statements submitted by Plus Ultra president Julio Martínez Sola and CEO Roberto Roselli, the executives said the company turned to Zapatero and Martínez Martínez as a last resort to avoid collapse during the pandemic crisis. They said they could not identify specific actions by Zapatero before SEPI, but accepted engaging Martínez Martínez because of his connection with the former prime minister. Martínez Sola reportedly described the decision in court as paying “in case of doubt.” The testimony concerns the reason for hiring an intermediary; the existence of the commission does not, by itself, establish that Zapatero intervened in SEPI’s decision.
The filings detail payments totaling approximately €530,000, equivalent to 1% of the €53 million rescue. The money went to companies associated with Martínez Martínez: €249,000 to relevant analysis, €98,617.53 to Voli Analítica SL and €110,799.47 to IOT Domotic Europe SL. Business-class tickets valued at €69,000 were also provided as compensation. The rescue was structured as a €34 million participatory loan and a €19 million ordinary loan. The executives said that, although they never finalized a formal settlement, the total compensation matched the agreed percentage.
The relationship with Zapatero began after the Covid-19 crisis started, when former Plus Ultra shareholder Rodolfo Reyes advised Martínez Sola to contact Manuel Fajardo, the alias attributed to Zapatero in Venezuela, to seek urgent financial support. Martínez Sola then received a call from Zapatero, who offered assistance and said further communications would go through Martínez Martínez. They did not discuss fees in that initial conversation, but the company later accepted a commission tied to the amount of any rescue obtained.
Over the following weeks, Plus Ultra’s leadership met repeatedly with Martínez Martínez to discuss a strategy for accessing the rescue funds. On 26 February 2021, Martínez Martínez told the airline that a favorable proposal for SEPI aid had been secured, with approval expected at the Council of Ministers meeting on 9 March. The bailout has faced scrutiny over whether Plus Ultra met the fund’s eligibility criteria and qualified as strategically impressive. The judicial inquiry is examining alleged influence peddling and possible diversion or laundering of funds connected to the rescue. It is also examining whether payments to intermediaries covered advisory services or reflected access to political contacts. For more background on the investigation and its political implications, see this detailed coverage of the Plus Ultra president’s testimony regarding Zapatero’s involvement.
The case has drawn national attention because of the amount of public funding involved and the prominent figures named in court proceedings. SEPI’s strategic-company solvency fund was set up to support businesses affected by the pandemic, and the decision to rescue Plus Ultra became controversial amid questions about the company’s eligibility and strategic importance. The inquiry is examining the circumstances surrounding the commission and the rescue, while Plus Ultra is also seeking a buyer after years of financial difficulty. Its findings could shape scrutiny of how the state assesses corporate rescues and how intermediaries are paid.
