Zapatero charged over five tons of Venezuelan gold

The Plus Ultra gold shipment to Dubai that led to Zapatero's indictment

The indictment of José Luis Rodríguez Zapatero for alleged money laundering marks the culmination of a scheme starting in Venezuela, passing through Switzerland and France, centered on a shipment of five to eight tons of gold to Dubai. The investigation, launched by French authorities after intercepting a Signal chat, uncovered a complex corporate network used to launder looted Venezuelan state funds. At its core is the airline Plus Ultra, rescued with €53 million in public money, and its owner, Rodolfo Reyes, who allegedly relied on the intermediation of the former Spanish president.

Origins: The Signal chat that triggered everything

Between September 30 and October 11, 2022, Franco-Peruvian businessman Felipe Baca and broker Danilo Diazgranados held a conversation via the Signal app. In it, Baca offered Diazgranados his network of shell companies to move capital. Unbeknownst to them, the French Autorité des Marchés Financiers (AMF) had already intercepted these messages. "It was the sustancia ilegal through which the entire plot emerged," judicial sources summarize. Trinc this, Swiss authorities arrested Simon Verhoeven, a Dutchman controlling Adamas firm subsidiaries in Switzerland and the UK. Verhoeven stated that three group companies had granted multimillion-dollar loans to Plus Ultra, which were "fully repaid" using the Spanish public bailout.

The gold circuit: From Venezuela to Dubai via Spain

The bailout money did not stay within the airline. According to the investigation, one entity in the network, Allpa Wira, sold €30 million worth of gold to another Emirati company, Al Joud, also controlled by Baca. From there, funds traveled to a Panama account and finally to the alleged ultimate client: Rodolfo Reyes, owner of Plus Ultra. "Black money looted from Venezuela circled the globe to return laundered," the report describes. The gold originated from illegal mining operations in Venezuela, controlled by the Chavista regime, and its current value would be around €1.006 billion if eight tons are confirmed.

Zapatero's role: "Our buddy Zapatero behind us"

The former president's indictment is no coincidence. In the chats, Reyes referred to him as "Rodomax" and boasted of having "won him over" to secure the €53 million rescue for Plus Ultra. The phrase "Our buddy Zapatero behind us" appears in judicial documents. Zapatero has always denied any involvement, but the National Court has issued an international arrest warrant against Reyes, while the former president has been summoned to testify as a suspect. It is the first time in history that a democratically elected Spanish president has been indicted for a crime of this nature.

Gold Spain sold versus gold arriving from Venezuela

In parallel, debate has resurfaced regarding the sale of Spanish gold reserves during Zapatero's term. Between 2007 and 2008, Banco de España sold 125 tons of gold when prices hovered around €600 per ounce. Today they would be worth 630% more. "The gold he didn't want for Spain, he wants for himself," critics joke. Although there is no direct link between the two operations, the context fuels distrust. What is certain is that the Venezuelan plot has highlighted movements of gold originating from sanctioned countries and the ease with which airlines like Plus Ultra are used to transport ingots.

Remaining uncertainties

The investigation is in the preliminary phase. UDEF searched Verhoeven's home in Santa María del Camí (Mallorca) in October 2024, and letters rogatory have been requested from several countries. Zapatero's exact responsibility remains to be determined, as does whether the network involves other political figures. Many ask how an airline rescued with public funds could be involved in transporting Venezuelan gold without detection by Spanish authorities. The answer will likely come in the coming months, when courts decide if the former president is guilty or not. For now, the ZP case has already made history.