SEPI vice president admits pre-application meetings on Air Europa rescue, denies wrongdoing in 475 million euro bailout
Bartolomé Lora told a Madrid court on Friday that SEPI, the Economy Ministry and Globalia held discussions about Air Europa in July 2020, weeks before the formal aid window opened, but insisted the 475 million euro pandemic bailout was lawful.
The court appearance
Bartolomé Lora, vice president of the Spanish state holding company SEPI, appeared as an investigated party before Judge José María Escribano at Madrid's Juzgado de Instrucción número 49 on 3 July 2026. Lora faces a preliminary investigation for alleged administrative prevarication in connection with the 475 million euro rescue loan granted to Air Europa in November 2020. After roughly an hour and a half of testimony, he left the courthouse without speaking to reporters, though his lawyer stated he had answered questions from all parties because "puede contestar a todo el mundo" (he can answer everyone).
Ha contestado a todo el mundo, porque puede contestar a todo el mundo.
The rescue at the centre of the case
The loan was approved in November 2020, during the Covid-19 pandemic, through the Fund for the Solvency of Strategic Companies (FASEE), managed by SEPI. It was structured as 240 million euros in a participatory loan and 235 million in an ordinary loan. Air Europa was deemed a strategic company, and the stated goal was to prevent bankruptcy, protect jobs and maintain air connectivity. El País reports that the full amount has since been repaid. Lora was acting president of SEPI’s management board at the time, a role he held from October 2019 until 30 March 2021.
- Meetings between SEPI, Economy Ministry and Globalia take place before formal application opens
- Formal application period for rescue funds opens
- 475 million euro loan to Air Europa is approved by the management board
- Bartolomé Lora testifies as investigado before Judge Escribano in Madrid
Pre-application meetings acknowledged
During his testimony, Lora acknowledged that meetings took place in July 2020 between SEPI, the Ministry of Economy (then led by Nadia Calviño) and the technical and legal team of Globalia, Air Europa’s parent company. These encounters occurred before the formal application period opened in August 2020. Lora told the court the discussions allowed SEPI to gather financial information on Air Europa, which he said "agilizó" (sped up) the rescue process. The loan was processed in roughly 70 days, about five times faster than other rescues handled by the fund, according to a Court of Auditors report cited by La Razón.
The judicial investigation
The case stems from criminal complaints filed by the political parties PP and Vox, and the public-sector union Manos Limpias. Judge Escribano admitted the PP and Vox complaints and limited the probe to the Air Europa loan. In his ruling, the judge wrote that the facts "presentan características que hacen presumir la posible existencia de un delito de prevaricación administrativa". Manos Limpias alleged the airline had outstanding tax debts of roughly 59 million euros at the time, which would have disqualified it from receiving aid, and noted the beneficiary entity, Air Europa Holding SLU, had been incorporated less than a year earlier. Lora denied any irregularity and maintained the loan was handled properly.
Los hechos denunciados presentan características que hacen presumir la posible existencia de un delito de prevaricación administrativa.
Sweeping document requests
The judge also issued a wide-ranging order for SEPI to produce the complete loan file, board meeting minutes (including drafts and annexes), attendance lists, the State Attorney’s legal report that greenlit the loan, audit and control reports on the operation, and all internal communications with ministerial cabinets between 1 December 2019 and 31 December 2020. Escribano further requested the agenda and metadata of the president of the management board and ordered SEPI to identify the board secretary, voting members, guests who attended sessions on Air Europa, the technical instructors who processed the file and the author of the State Attorney’s report. La Vanguardia reported that Lora did not bring the requested documents to his Friday court appearance.
