Former Spanish Prime Minister Zapatero Denies Role in Plus Ultra Bailout as Crypto Holdings Are Investigated
Zapatero denies any role in the Plus Ultra bailout, while a judge moves to track down and freeze his crypto holdings. The investigation also looks at possible money flows through an offshore structure.
Key Takeaways
- José Luis Rodríguez Zapatero denied involvement in the Plus Ultra bailout during a hearing in Madrid.
- The judge is investigating $61.5 million in state aid to Plus Ultra and possible ties to money laundering.
- Zapatero's Bitcoin and Litecoin are being tracked down and frozen, along with bank accounts and an offshore company in Dubai.
Former Spanish Prime Minister José Luis Rodríguez Zapatero denied being involved in any influence-peddling around the bailout of Spanish airline Plus Ultra during a hearing on June 17. The investigation centers on $61.5 million in state aid that was granted to the airline in 2021 through the Spanish investment company SEPI. At the same time, the judge ordered the tracking down and freezing of Zapatero's crypto holdings, including Bitcoin and Litecoin.
Zapatero's Accusations and Defense
Zapatero was seen by the Madrid judge as the "top level" of an organized network that allegedly played a role in the bailout. During the three-hour hearing, he denied any involvement in contacts with government officials or Plus Ultra executives about the state aid. According to him, the payments investigators looked into were legitimate fees for consulting work and design jobs for his daughters' agency. He said he only met Plus Ultra's current chairman in 2024, three years after the bailout was approved.
Investigation Into Plus Ultra and Crypto Holdings
Founded in 2011 and operating routes between Spain and Latin America, Plus Ultra received the state aid as part of Spain's Solvency Support Fund for Strategic Enterprises, which was meant to support strategic companies during the COVID-19 pandemic. The aid was controversial because of Plus Ultra's limited market position and its ties to Venezuelan investors, which raised questions about whether the support was justified. There are signs that the bailout may have been used to repay loans linked to Venezuelan entities, which led to suspicions of money laundering.
Investigating judge José Luis Calama ordered the tracking down and freezing of any Bitcoin and Litecoin belonging to Zapatero on May 18. These cryptocurrencies are said to be stored in a secure facility in Madrid, specially set up for court-ordered crypto seizures. In addition to the crypto holdings, bank accounts have also been frozen, and investigators are looking into a Bitcoin ETF outflow that was set up shortly after the bailout and may be involved in managing the funds.
Why This Matters for the European Crypto Market
This case highlights the growing attention European authorities are paying to cryptocurrency oversight in criminal investigations. Tracking digital assets like Bitcoin is playing a bigger role in tracing financial flows in complex fraud cases. For European crypto investors and companies, this could point to tighter checks and the importance of transparency when managing digital assets within legal frameworks.
