Germany extradites Dutch financier Simon Verhoeven to Spain over Plus Ultra bailout loans

Extradition from Germany

German law enforcement authorities arrested Dutch financier Simon Leendert Verhoeven on a European Arrest Warrant issued by Spain's Audiencia Nacional. German judicial bodies confirmed that Verhoeven is scheduled to be extradited from Frankfurt to Madrid on Thursday, 24 September 2026, on a flight landing at approximately 15:00. Following his arrival in Spain, authorities will hold him in a penitentiary center until his court appearance on Friday, 25 September. High Court Judge José Luis Calama is investigating Verhoeven for alleged offenses including misappropriation, membership in a criminal organization, money laundering, and influence peddling. His alleged partner in the financial scheme, Luis Felipe Baca Arbulu, was previously detained on the Caribbean island of Aruba.

Bridge financing and asset seizures

Anti-corruption investigators identify Verhoeven as the financial organizer behind bridge loans granted to Plus Ultra Líneas Aéreas in the months preceding its public rescue. Verhoeven admitted ownership of three corporate entities: Allpa Wira Trading UK, Wailea Investment LTD, and Valerian Corporation. Through these entities and raw materials trading businesses, he funneled approximately 1.3 million euros to the carrier across three contracts between October 2020 and January 2021. In declarations before Geneva prosecutors, Verhoeven maintained that all loan balances were "fully reimbursed by Plus Ultra" between March and May 2021. On 24 October 2024, officers from the Central Anti-Money Laundering Brigade raided Verhoeven's residence in Santa María del Camí, Mallorca, seizing two gold ingots, luxury watches, and designer jewelry collections.

Bailout funds and Venezuelan operations

The judicial proceedings focus on the allocation of a 53 million euro government bailout granted to Plus Ultra in March 2021 during the pandemic. Reports compiled by the Economic and Fiscal Crime Unit (UDEF) indicate that the network moved funds across Spain, France, and Switzerland to obscure the origin of capital originating from Venezuela. Plus Ultra shareholder Julio Martínez Sola submitted documentation to the Audiencia Nacional detailing that 5.25 million US dollars, equivalent to 4.5 million euros, was directed to settle debts and expenses in Venezuela, including liabilities with state oil company Petróleos de Venezuela SA (PDVSA). Those payments were processed through local payment agent Aerovip, managed by former airline director Rodolfo Reyes, who faces an active arrest warrant.

These funds were intended to cover the operational payments of the company in Venezuela, including fuel, taxes, airport fees, handling, call center, and other expenses linked to local operations.

In July 2021, independent audit experts from Martín Molina warned that former airline executives had planned to transfer up to 9 million euros to PDVSA. The investigation expanded after United States Homeland Security Investigations supplied data extracted from Reyes's phone to the Audiencia Nacional on 18 March 2026, providing further documentation on transactions and alleged influence peddling.