In 2021, an almost unknown airline, Plus Ultra, landed a €53 million public-money rescue, at the height of the pandemic, via the state fund SEPI. The affair caused a scandal from the start. Five years later, on 17 June 2026, it is said to have taken on a whole new dimension: the Audiencia Nacional is said to have implicated former Prime Minister José Luis Rodríguez Zapatero.
According to the Spanish press, the judge is said to suspect him of criminal organisation, influence-peddling, forgery and money laundering. He is said to describe him as the “head of a hierarchical structure” designed to “obtain economic benefits” from the bailout, via “opaque financial circuits”. The same day, agents of the anti-corruption unit (UDEF) are said to have searched his office in Madrid, as well as companies linked to his circle.
Rescuing an airline no one had seen fly, with money meant to cushion a pandemic: the take-off was already acrobatic. It remains to be seen who was holding the stick. For now, the only aircraft truly gaining altitude is the investigation file.
A consultancy at the heart of the engine
The centrepiece of the inquiry is said to be the consultancy Análisis Relevante, owned by businessman Julio Martínez Martínez, described as a personal friend of the former president. Magistrates are said to be seeking to establish whether billed services and financial flows served to capture a share of the public aid, and what exact role each played in the arrangement.
Zapatero, for his part, has responded by publicly defending his “honesty”. Nothing is tried: this is an implication in an investigation, a stage that lets the judge question a person as a suspect and investigate both for and against. But seeing a former head of government summoned in an alleged diverted-subsidy affair carries, in Spain, immediate political weight.
“Relevant Analysis”: hard to find a worse company name for a firm that ends up at the centre of a money-laundering inquiry. If the analysis were so relevant, it might have anticipated the search.
Key points
- Plus Ultra, an airline, received €53m of public money in 2021 (SEPI fund), at the height of the pandemic.
- On 17 June 2026, the Audiencia Nacional is said to have implicated former PM Zapatero: criminal organisation, influence-peddling, forgery, money laundering.
- The judge is said to speak of a “hierarchical structure” and “opaque financial circuits”.
- Searches at Zapatero's office in Madrid and at companies linked to his circle.
- Key firm: Análisis Relevante (Julio Martínez Martínez). No conviction; presumption of innocence.
Magouilles & Compagnie verdict
Magouille or calomnie? The Plus Ultra rescue was dubious from day one; it remains to be seen whether justice will prove a former head of government profited from it. Holding verdict: €53 million of public money placed on a ghost airline, and an investigation now reaching very high. Zapatero pleads honesty; the judge, for his part, has produced the word “organisation”. Between the two, there will be a trial — or a crash landing.
⚖ Your verdict Live
In your view, is this a case of magouille — or calomnie?
📚 Sources
- El Salto — « Les clés de la mise en cause de Zapatero dans l'affaire Plus Ultra »
- Yahoo Actualités — « Zapatero comparaît devant l'Audience nationale et défend son honnêteté »
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