Spanish authorities have uncovered a collection of luxury jewellery and high-end watches valued at approximately €50,000 in a safe belonging to former prime minister José Luis Rodríguez Zapatero during a corruption investigation linked to a controversial government bailout.
The police operation earlier this week targeted Mr Zapatero’s office as part of a probe into the 2021 state rescue of Plus Ultra, a small airline with Venezuelan connections that received a €53 million loan. Investigators suspect the funds were diverted to criminal networks laundering money originating from Venezuela through accounts outside Spain. Only €14 million of the loan has been repaid to date.
Mr Zapatero, who served as Spain’s prime minister from 2004 to 2011 and is affiliated with the Spanish Socialist Workers’ Party (PSOE), has been named as a suspect by a judge examining the bailout. During his tenure, he forged close ties with Venezuelan leaders, including Nicolás Maduro and Delcy Rodriguez. The former leader’s secretary, Gertrudis Alcázar, stated that the jewellery was inherited by Mr Zapatero’s wife, while the luxury watches were gifts received on international trips.
A spokesperson for Mr Zapatero disputed higher valuations, estimating the total worth of the seized items at no more than €50,000, although authorities have requested an independent expert appraisal. The former prime minister denies any wrongdoing and was recently granted a two-week postponement of his initial court appearance, now scheduled for June 17.
The investigation extends beyond Mr Zapatero. A company owned by his two daughters reportedly received €2.5 million over four years from consulting firms for reports allegedly authored by the former prime minister. Julio Martínez, a businessman and close associate of Mr Zapatero, is also implicated. Police seized €286,070 in cash concealed in various places within his Madrid residence, and discovered a contract indicating his consultancy would earn a 1% commission on any government bailout awarded to Plus Ultra. This agreement was signed two months before the state's approval of the airline’s loan.
Mr Martínez has denied any improper conduct. Investigators contend that Mr Zapatero authorized the establishment of an offshore company in Dubai connected to the commission arrangement. The seized safe contained jewellery, gold chains, and luxury watches, further intensifying scrutiny.
The unfolding scandal has added pressure on Prime Minister Pedro Sánchez’s administration, which has faced multiple corruption allegations in recent years. Two former party secretaries affiliated with the PSOE have been imprisoned following similar investigations. Mr Sánchez’s own brother is due to stand trial for corruption, while the prime minister’s wife faces a judicial inquiry into alleged influence peddling.
Despite the turmoil, Mr Sánchez has expressed full support for Mr Zapatero, underscoring the presumption of innocence. However, opposition figures have condemned the situation harshly. Alberto Núñez Feijóo, leader of the conservative People’s Party, accused the current government of operating as "an international organisation of criminal corruption," asserting that Mr Zapatero’s activities were supported by Sánchez’s cabinet.
The Sánchez government maintains that the Plus Ultra bailout was conducted with full transparency and adherence to proper procedures. The investigation continues as Spain grapples with another episode that could undermine public trust in its political institutions.