Court Suspects Plus Ultra of Redirecting €16 Million in State Aid via Offshore Accounts. The airline Plus Ultra is suspected of transferring part of the state funds it received to offshore accounts. Investigators believe that at least €2.5 million ended up in Switzerland, Gibraltar, and other jurisdictions. The case mentions former executives and affiliated companies.
The investigation continues in Spain regarding the state aid received by the airline Plus Ultra, which obtained €53 million from the budget in 2021. Judge José Luis Calama of the National Court believes that nearly €16 million of this sum may have been siphoned off through a network of companies connected to money laundering. According to the investigation, at least €2.5 million ended up in accounts in Switzerland, Gibraltar, the United Kingdom, Mauritius, and Montenegro.
Court documents indicate that after receiving the first tranche of state aid—€19 million—on March 18, 2021, nearly €16 million was transferred from Plus Ultra's bank accounts to entities allegedly linked to a money laundering organization. Among the recipients are Allpa Wira Trading, Wailea Investment, and Alerial Corporation. These companies, the court notes, are controlled by Plus Ultra managers through a chain of financial intermediaries.
Part of the funds—about €6 million—was sent abroad between March and August 2021, when there was a ban on the second tranche of state aid. The remaining €10 million, according to the investigation, was transferred after the restrictions were lifted. The case materials detail specific banking transactions: for example, on March 24, 2021, more than €920,000 was sent from a Plus Ultra Spanish account to Valerian in Gibraltar, and the following day, over €520,000 to Wailea's UK account. Two more transactions—almost €520,000 each—took place in April to Allpa's accounts in Switzerland and Montenegro.
The investigation also links one of the companies that received funds to gold sales operations of unknown origin in Dubai. The documents indicate that Allpa's accounts in Switzerland may have been used to conceal the origins of funds related to the precious metals trade. Furthermore, according to the court, part of the money could have been transferred to structures associated with former Plus Ultra shareholder Rodolfo Reyes in Panama, Puerto Rico, and the Dominican Republic.
As part of the investigation, international arrest warrants have been issued for Reyes, his wife Maria Aurora López, businessman Felipe Baca, and banker Simon Verhoeven. The court considers them key figures in the scheme for siphoning off funds. The case materials also mention that the money laundering structure managed by Baca and Verhoeven operated as a “pseudo-bank,” mixing funds of various origins and returning them to clients already laundered.
Companies linked to former Prime Minister José Luis Rodríguez Zapatero and his circle played an important role in organizing the financial flows, according to investigators. In particular, Análisis Relevante, as noted by investigators, transferred nearly €491,000 to Zapatero over five years, while his daughters' firm Whathefav received an additional €240,000. The case materials state that the management of these structures was handled by businessman Julio Martínez Martínez, whom the investigation calls Zapatero’s trusted associate.
Earlier, the investigation had already documented contacts between the management of Plus Ultra and Zapatero, as well as discussions regarding payments for consulting services. Details of these meetings and negotiations were disclosed in the publication about the specifics of the contacts between Plus Ultra and the former head of government.
For reference: Plus Ultra is a Spanish airline specializing in long-haul flights. The decision to grant it state aid in 2021 sparked widespread public debate and became the subject of parliamentary inquiries. In recent years, there has been increased scrutiny in Spain over the use of budget funds and efforts to combat financial misconduct, especially amid the post-pandemic economic recovery.
