Spain’s National Court has ordered anti-fraud police to prepare an exhaustive report on Plus Ultra Líneas Aéreas’ ownership structure and the entry of Venezuelan capital since 2017, in a move aimed at determining whether the airline remained eligible for its €53 million state rescue in March 2021. Judge José Luis Calama approved the Anti-Corruption Prosecutor’s request for a deeper examination of the Madrid-based carrier, which was classified as a strategic company during the pandemic support programme.
The inquiry will examine registry records and other documentation to track changes in shareholding and financing, including the involvement of investors linked in reporting to Venezuela. Those names include Camilo Ibrahim Issa, Rodolfo Reyes Rojas, María Aurora López López, Héctor Antonio Tobía Roye and Flavio Borquez Tarff.
Plus Ultra was founded in 2011 by Spanish shareholders, but reporting indicates that Venezuelan-linked capital entered the company from 2017 onwards. One account placed SNIP Aviation as the largest shareholder in April 2021, with 45.33% of the capital, while Fly Spain held 11.47% and other stakes were distributed among additional entities. The case remains open and no finding has yet been issued on whether the ownership changes affected the bailout decision.