{"id":13458,"date":"2026-05-20T19:42:00","date_gmt":"2026-05-21T00:42:00","guid":{"rendered":"https:\/\/expat-times.com\/panama\/?p=13458"},"modified":"2026-05-19T21:45:56","modified_gmt":"2026-05-20T02:45:56","slug":"panama-financial-firm-scandal-involving-former-spanish-president-rodriguez-zapatero","status":"publish","type":"post","link":"https:\/\/expat-times.com\/panama\/crime-safety\/panama-financial-firm-scandal-involving-former-spanish-president-rodriguez-zapatero\/","title":{"rendered":"Panama Financial Firm Scandal Involving former Spanish President Rodr\u00edguez Zapatero"},"content":{"rendered":"

Panama has emerged as a key location in the corruption investigation against former Spanish President Jos\u00e9 Luis Rodr\u00edguez Zapatero. Spanish authorities are examining a 53 million euro ($62 million) bailout of Plus Ultra L\u00edneas A\u00e9reas that was approved during the COVID-19 pandemic.<\/p>\n

Investigators suspect Rodr\u00edguez Zapatero may have received 1 percent of that rescue package. The funds were authorized by the government of current Spanish Prime Minister<\/a> Pedro S\u00e1nchez to prevent the airline from collapsing. The former prime minister now faces formal corruption charges in Spanish courts.<\/p>\n

\"Anti<\/p>\n

Panamanian Brokerage Played Critical Role in Airline Rescue<\/h2>\n

Before Plus Ultra accessed those public funds, a Panamanian securities firm played a decisive role in keeping the airline alive. Court documents show that Panacorp Casa de Valores, S.A. granted a 6.3 million euro loan to Plus Ultra in December 2017. The company changed its name to Avanza Casa de Valores on February 15, 2024.<\/p>\n

That loan allowed Plus Ultra to avoid a court-ordered dissolution. The airline needed to restructure its finances before it could qualify for the government bailout managed by the State Society of Industrial Participations (SEPI)<\/a>. Without that bridge financing, the airline would have been excluded from the rescue approved in March 2021.<\/p>\n

Spanish media reports indicate the loan was a requirement for Plus Ultra to regain solvency. The SEPI fund was created specifically to support strategic companies during the pandemic crisis.<\/p>\n

 <\/p>\n

Key Figures Behind the Panamanian Firm<\/h2>\n

Panacorp Casa de Valores was registered on June 21, 2006. Its directors include Alcides Jos\u00e9 Carri\u00f3n Romero as president, Melva Evenia Ellis Urieta as treasurer and secretary, Luz Mery Arango Ortega, and \u00c1ngel Eduardo Pinz\u00f3n Peralta. Erwin Kurt Thomas Monagas serves as the legal representative. The law firm Eisenmannn Abogados y Consultores acts as the resident agent.<\/p>\n

Investigators have focused on Venezuelan businessman Camilo Ibrahim Issa. Sources describe him as a central figure in the financial structure that supported Plus Ultra. The Ibrahim family reportedly maintained controlling shares in Panacorp Casa de Valores until at least May 2021.<\/p>\n

Mohamed Ibrahim Ibrahim, Camilo Ibrahim Issa’s nephew, served as treasurer and director of Panacorp during the period when several operations under scrutiny were completed. Businessman Rodolfo Reyes, a partner of Ibrahim Issa, is also named in the investigation.<\/p>\n

\"corruption<\/p>\n

Alleged 10 Million Euro Commission in Panama<\/h2>\n

A separate element has drawn investigator attention. Spanish authorities are examining allegations of a 10 million euro ($11.7 million) commission that was supposedly paid in Panama. Officials have not released documents identifying which companies or bank accounts are involved in that transaction.<\/p>\n

Agents from the Economic and Fiscal Crime Unit (UDEF) Spain<\/a> have conducted raids related to the investigation. The unit specializes in complex financial crimes and cross-border corruption cases.<\/p>\n

Asset Custody and Venezuelan Oil Connections<\/h2>\n

Between 2016 and 2021, Panacorp reportedly acted as custodian for assets tied to Venezuela’s state oil company PDVSA. Those operations included transactions connected to Commonwealth Bank, a financial institution based in Dominica. The bank is associated with Phoenix World Trade, a Panamanian company linked to the Ibrahim family business conglomerate.<\/p>\n

Phoenix World Trade was created on October 16, 2003. Public registry records list Camilo and Luis Ibrahim as subscribers. The company’s officers include Mohamed Ibrahim as president, William Ibrahim as treasurer, and Luis Ibrahim as secretary. William Eduardo Lewis serves as the resident agent.<\/p>\n

Panama Securities Market Regulation<\/a> authorities have not issued public statements regarding the investigation. The case continues to develop as Spanish courts examine the financial trail linking Madrid to Panama City.<\/p>\n

This is a developing story. M\u00f3nica Palm directs the investigative unit.<\/p>\n\n\n

<\/div>
<\/div>
<\/div><\/div><\/div>
<\/div>
<\/path><\/g><\/g><\/g><\/svg><\/div>
View this post on Instagram<\/div><\/div>
<\/div>
<\/div>
<\/div>
<\/div><\/div>
<\/div>
<\/div><\/div>
<\/div>
<\/div>
<\/div><\/div><\/div>
<\/div>
<\/div><\/div><\/a>

A post shared by VPItv (@vpitv)<\/a><\/p><\/div><\/blockquote>\n