Plus Ultra President and CEO Resign Amid Influence-Peddling Probe Over 2021 Bailout

The Resignations That Shook Plus Ultra

The president and chief executive of Spanish airline Plus Ultra have resigned effective immediately, the latest twist in a criminal investigation over the €53 million state rescue the carrier received in 2021. The two men, charged with influence peddling, admitted this week in Spain’s National Court that Plus Ultra signed a contract with a company owned by Julio Martínez — a close friend of former prime minister José Luis Rodríguez Zapatero — to pay 1% of the bailout amount, or €530,000, for help in securing the rescue. The payment was routed through three firms: Análisis Relevante, Voli Analítica and IOT Domotic Europe.

The executives told investigators they were aware that Martínez and Zapatero “intended to charge for the efforts,” though they insisted they had no concrete proof of actual influence exerted on the rescue. The court filings, seen by Europa Press, show they described the arrangement as a “desperate measure” to save the company. The bailout was provided by the state fund FASEE, managed by the Sociedad Estatal de Participaciones Industriales (SEPI), which now supervises Plus Ultra.

The resignations open a leadership vacuum just as the airline — which connects Madrid with Latin America — struggles to restore its pre-pandemic footing. SEPI must approve the proposed successor, shareholder Hugo Castaño, in the coming weeks. The scandal threatens to erode trust in a rescue that was already controversial, and it shines an uncomfortable light on the ties between business and politics in Spain’s state-backed bailouts.

How the Payment Scandal Threatens the Airline’s Rebuilding Effort

The Resignations: A Calculated Move or Forced Exit?

While the two executives framed their departure as immediate, their hand was almost certainly forced by the admissions they made in court. Acknowledging that they agreed to pay a fee to a politically connected intermediary — even without proof of wrongdoing by the former PM — undermined their ability to lead a company under state oversight. It is likely that SEPI, which holds a critical supervisory role over the airline, quietly signaled that a change at the top was necessary to preserve the terms of the bailout and avoid further reputational damage.

What the €530,000 Payment Means for Plus Ultra

The contract with Julio Martínez’s network looks increasingly like a kickback scheme. Even if no influence was ultimately wielded, the mere promise of a success fee tied to a state rescue raises legal and ethical red flags. Prosecutors may now seek to characterize the payment as illicit, which could expose the company to clawbacks, fines, or even a revision of the bailout terms. Beyond the immediate legal jeopardy, the episode tarnishes Plus Ultra’s brand with travelers, creditors and regulators who will question whether the airline’s survival was secured on merit.

The SEPI Factor: State Oversight Tightens

Because Plus Ultra remains under supervision after the rescue, any leadership change requires SEPI’s green light. The agency will now scrutinize Hugo Castaño’s background, his independence from the legacy management, and his plan to stabilize the airline. SEPI may also impose new conditions — such as stricter financial reporting, an independent monitoring trustee, or a compliance overhaul — before approving the nomination. For the broader state rescue framework, this case is a test: if SEPI is seen as lax, it could fuel criticism of other bailouts granted during the pandemic.

Political Fallout: Zapatero’s Shadow

Former Prime Minister Zapatero has not been charged, but his association with Martínez — and the implication that his name was used to justify the payment — creates a political liability for the Socialist party and the current coalition government. Opposition parties are already calling for parliamentary inquiries into the FASEE fund’s decision-making. The scandal arrives as Spain faces a delicate economic recovery; any perception that state rescues were tainted by cronyism could undermine public support for future interventions.

What Plus Ultra’s Board and SEPI Must Do Next

• SEPI must conduct a forensic audit of the €530,000 payment and evaluate whether to initiate civil proceedings to recover the funds. The agency should also reassess all existing supervision protocols for rescued firms to prevent similar schemes.
• The board should condition Castaño’s appointment on the immediate installation of an independent compliance and governance committee, with a mandate to review all contracts signed since the rescue and to sever any lingering ties to the Martínez network.
• Plus Ultra should proactively brief regulators and key commercial partners, including airport authorities and travel agencies, explaining the management changes and outlining a transparent recovery plan to rebuild confidence in the airline’s viability.
• Any investor or creditor with exposure to Plus Ultra should monitor SEPI’s approval decision closely and demand audited financials before extending new funding. The new CEO’s strategic plan — particularly his stance on the Latin American routes and cost structure — will be a critical indicator of the airline’s ability to operate under tightened state oversight.