SEPI demands Julio Martínez Sola relinquish shareholder control to preserve state aid for Plus Ultra
The state holding company SEPI required Plus Ultra owner Julio Martínez Sola to give up his political shareholder rights in order to keep the airline’s government rescue in place.
In a recent submission to judge José Luis Calama, Julio Martínez Sola, who previously led Plus Ultra and holds its largest share, reaffirmed his intent to aid the inquiry into the airline’s state-backed rescue. He claims that officials from the Sociedad Estatal de Participaciones Industriales (SEPI) compelled him to permanently surrender his political rights as a shareholder, linking this demand to the fulfillment of obligations under the financial assistance agreement administered through the FASEE scheme.
The rescue package, which was facilitated by former Prime Minister Zapatero, remains contingent on this condition. Martínez Sola’s latest document provides fresh information about the public funds injection and the pressures he faced. The case continues to draw scrutiny as investigators examine the terms of the aid and the role of government intermediaries.
Why it matters
The story reveals how state agencies can condition financial aid on relinquishing corporate control, raising concerns about governance and transparency.
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