State Loan to Plus Ultra: Investigation, Arrests, and the Venezuela Connection. The airline Plus Ultra received €53 million in government support. The decision sparked investigations, arrests, and controversy over alleged links to Venezuela. The case involves a former prime minister and suspicions of money laundering.
A high-profile investigation continues in Spain over state support granted to the airline Plus Ultra, which received 53 million euros from the Strategic Enterprise Support Fund (FASEE) in 2021. The allocation of these funds was accompanied by a series of criminal cases, the arrest of company management, and accusations of ties to Venezuelan investors. Former Prime Minister José Luis Rodríguez Zapatero has become a central figure in the case, facing charges of influence peddling, creating a criminal organization, and document forgery linked to the Plus Ultra affair.
Despite having only six aircraft and a limited number of routes in Latin America, Plus Ultra was designated as a strategic company for the country. This status enabled it to receive a state-backed loan, even amid skepticism about its importance for Spain's economy and transportation system. In 2021, the airline received two instalments: 19 million euros as a standard loan, and 34 million as a long-term loan with government participation. Even then, opposition members in Congress pointed out the close ties between the company's shareholders and Nicolás Maduro’s circle, raising concerns about the transparency of the deal.
Investigators repeatedly checked whether state funds had been transferred to accounts linked to Venezuela. In 2023, some of the charges were dropped, but in 2024 the prosecutor's office again raised suspicions of money laundering: according to the investigation, some of the funds may have been used to repay loans to foreign accounts associated with an alleged criminal network. In December 2025, police detained Plus Ultra president Julio Martínez and CEO Roberto Rosselli for questioning. The question of whether the company truly met the criteria for a strategic and financially stable organization at the time the loan was granted remains open.
During the proceedings, it was revealed that Plus Ultra's shareholders included investors with dual Spanish and Venezuelan citizenship. At the end of 2025, the ownership structure changed: the company president increased his stake to 65% by buying out shares from Snip Aviation and Fly Spain, distancing the company from Venezuelan capital. Management explained this move as necessary for restructuring and attracting new industrial partners, emphasizing that the change in shareholders was not related to the criminal investigation.
State support for Plus Ultra became the subject of political debate and legal proceedings, similar to other major business rescue measures during the pandemic. For comparison, the government previously launched the “España Crece” fund to support investments after the end of European programs, which also sparked discussion about the criteria for selection and oversight of fund allocation — you can learn more about this in the article on the launch of the investment fund after Next Generation.
According to RUSSPAIN, Plus Ultra recorded a 47% increase in revenue in 2019 and had 345 employees, operating routes between Madrid and cities in Latin America. Deloitte and DC Advisors recognized the company as operational, but the audit revealed insufficient transparency in its accounting. Judicial authorities found no evidence of intentional fraud but noted issues with financial reporting. In 2022, Plus Ultra reported higher sales and improved operating results, yet suspicions of misuse of state aid and possible money laundering once again put the company in the spotlight of law enforcement.
