How a Venezuelan bailout became a threat to Spain's political establishment

Former Spanish Prime Minister José Luis Rodriguez Zapatero is scheduled to make history on June 17 as the first person of his standing to appear before the National Court. Judge José Luis Calama has summoned Zapatero to testify in an ongoing investigation into alleged money laundering and improper payments connected to the 2021 bailout of the struggling Venezuelan airline Plus Ultra during the COVID-19 pandemic.

Calama's extensive 800-page indictment suggests Zapatero held "determinant influence" over Venezuelan oil transactions, requiring foreign crude buyers to submit letters of intent directly to him. The judge further alleges that a corruption scandal of this magnitude, with the former prime minister at its center, could only have occurred with significant political impunity in Spain. The investigation is examining whether Zapatero orchestrated a network that profited from lobbying for Plus Ultra, potentially bypassing official channels and directly involving Spanish Prime Minister Pedro Sánchez in the airline's bailout.

Reports indicate that approximately €1.95 million (about $2.11 million) was moved via front companies, falsified paperwork, and opaque financial routes. Following the indictment, the judge ordered the freezing of around €490,000 in accounts linked to Zapatero, as well as those of his daughters' marketing company, What the Fav. Spanish National Police units have conducted raids on offices and business premises associated with Zapatero and others involved, including an initial raid on Plus Ultra's headquarters at Madrid-Barajas Airport.

The investigation has gained international attention due to pressure from France, Switzerland, and the United States. International arrest warrants have been issued for Plus Ultra's primary shareholders, Venezuelan nationals Rodolfo Reyes and María Aurora López, on charges of alleged membership in a criminal organization. The court documents and their unfolding twists and turns are a constant topic of discussion across Spain.