The government allows Plus ultra to immobilize four million euros in a tax paradise until 2028 and is not discounted from the 53 million state aid.
This is one of the surprising conclusions of the opinion that the independent experts have made the judge hope collazos that investigates various crimes in the airline’s rescue.
In the expert report, the one who has had access to the world, ensure that Plus Ultra attempts to meet the requirement of not having been in crisis before the pandemic with the strange “participatory loan” of Panamanian Bank Panacorp.
They consider it strange, because of the 6.3 million loan, Plus Ultra can not use more than 4 million – “three quarters of the capital provided” – because it is obliged to have them deposited and “unavailable” in an account at Banco Commonwealth
Bank and Trust Ltd with address in the Caribbean Dominica, a fiscal paradise for the Tax Agency.
In fact, such bank appears in the contract between Panacorp and Plus Ultra -Ver attached extract- and the initial amount immobilized were two million, but the experts point out that they are currently more than four.
Being an unavailable amount “throughout the life of the loan”, the experts call attention to the judge on which the Government should not lend more than 49 million to the airline and provided that it would have fulfilled the legal requirements, which also question openly.
Regarding the loan, “leads us to raise if, when determining the final amount of public financial support to request by the Company, the existence of an amount exceeding four million euros, owned or owned by the company should not have been valued.
Society, deposited in a bank account in guarantee of credit law of a creditor ».
Therefore, the team of experts headed by Pedro Martín Molina concludes: “Being there, it may also have been convenient to demand the extinction of the guarantee and liberation of the amounts deposited as a condition to grant funding, avoiding this way to maintain preference
of a creditor of society on an active asset of it, and consequently reducing the amount of aid “.
None of that made the Gestor Council of the Solvency Support Fund of Strategic Companies imputed by possible embezzlement and formed by the Vice President of the State Society of Industrial Participations (SEPI), Bartolomé Lora, and various high government charges. Sources from SEPI reaffirm this journal that Plus Ultra meets the conditions of eligibility and that doubts will be clarified during the judicial proceedings. They decline to comment on the deposit in a Bank of Dominica. Also sources of Plus Ultra refuse to comment on the deposit. The airline does admits on the loan that “the amortization period was extended, removing the date of January 2028 as the end for such amortization to Panacorp compared to that of 2026 initially planned, and at the rate of interest of 9% added a type of variable interest whose accrual is conditioned to the evolution of the results of the company. ” The majority shareholder of Plus Ultra, Rodolfo Reyes, administers societies in Panacorp in bonding between lender and creditor.
When extending the loan up to 2028, SEPI is often ensured to charge before Panacorp the 53 million borrowed to the airline, because the final term ends in 2027, but such a return is also questioned by the experts, as it considers, as reported on Monday
This newspaper, which its viability plan is “very optimistic” and with a public funding “in conflict” with the law.
In addition, experts have “doubts more than reasonable” on which Plus Ultra fulfilled the key requirement: that of not being in crisis in the pandemic.
They point out that in accordance with the same Royal Decree of 1996 to which Plus Ultra usually clings to defend Panacorp’s support, the Panamanian participatory loan can only be accepted in “their net amount”.
That would be just over two million by subtracting the four unavailable “so that the Society Plus Ultra would be in” crisis situation “as of January 31, 2020.”
That is, the Government would have approved 53 million for Plus Ultra without fulfilling legal conditions and also allowing the airline to keep more than four million rescue during the Caribbean tax paradise of Dominica.
The spokesman for the popular group at Congress, Cuca Gamarra, has warned this Tuesday that his training will come “until the end” with the case of Plus Ultra and has assured that political responsibilities must be purified because this “was not only a direct responsibility” of the already
Extension José Luis Ábalos.
To the understanding of it, there is “direct responsibility” of the economic vice president, Nadia Calviño, and the Minister of Finance, María Jesús Montero, who are “the maximum responsible for what happens with SEPI.”
This has been pronounced after the expert report referred to the 15th Instructional Court of Madrid, in charge of the inquiries of the so-called ‘Plus Ultra’ case, collects in its conclusions “more than reasonable doubts” that the airline fulfilled with the
Rescue conditions.
