The judge of the National Court José Luis Calama has commissioned the Economic and Fiscal Crime Unit (UDEF), at the request of the Anti-Corruption Prosecutor’s Office, an “exhaustive” report on the evolution of the shareholding of Plus Ultra since its establishment, with special attention to the changes recorded from 2017 onwards, when capital of Venezuelan origin entered the company. The objective is to determine the “possible impact” that this circumstance may have had on the consideration of the airline when it applied for the public aid granted in 2021.
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This is stated in an order notified this Tuesday in which the magistrate requests the UDEF to prepare the report under the terms proposed by the Anti-Corruption prosecutor Elena Lorente.
In her writing, the prosecutor recalls that Plus Ultra was established on August 25, 2011 by Julio Martínez Sola and Fernando González Enfedaque, but highlights that from 2017 “various particularly significant shareholding changes” occurred, coinciding with the incorporation into the capital and management bodies of people of Venezuelan origin. This circumstance had already been pointed out by the UDEF in a report prepared in 2025, when the case was still under secrecy.
Anti-Corruption maintains that the entry of that capital, formalized through various public deeds, must be analyzed to determine whether it influenced the company’s situation when it applied for the public bailout on September 1, 2021. Therefore, it considers it necessary to reconstruct the entire shareholding evolution of the airline, identifying changes in ownership, contributions actually made, sources of financing, and any other relevant aspect for the investigation.
The requested report must be based on the company’s complete registration history and all documentation that allows clarifying the evolution of its corporate structure.
The 2025 police report already warned that, since 2017, Plus Ultra began to be controlled by new partners who made apparent capital contributions. Among them were Camilo Ibrahim Issa, Rodolfo Reyes Rojas, whose phone was tapped by US authorities and whose information was key to the indictment of former Prime Minister José Luis Rodríguez Zapatero; María Aurora López López, Héctor Antonio Tobía Roye and Flavio Borquez Tarff. It also pointed to Raif El Arigie Harbie, who held positions of responsibility without being a shareholder, and the Venezuelan businessman Alcíades José Carión Carrión for his financial relations with the company.
The UDEF also prepared a profile of Plus Ultra’s shareholding in 2021 based on financial intelligence information. According to that document, the airline then had 23 partners, of which 15 were commercial companies, which had contributed a total of 18.8 million euros.
The largest stake corresponded to Snip Aviation, with 8.5 million euros in contributions, equivalent to 45.33% of the capital in April 2021. It was followed by Fly Spain, with 2.1 million, and Alva Skies and Wings, with 1.7 million. Among individual shareholders, Flavio Borquez Tarff and Héctor Antonio Tobía Roye stood out, both with contributions exceeding 1.4 million euros, while the then president of the company, Julio Martínez Sola, appeared with barely 6.49 euros.
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