Luis Garicano 🇪🇺🇺🇦 Profile picture
May 25, 2021 19 tweets 6 min read Read on X
Llevo meses alertando de las irregularidades en el rescate a Plus Ultra. He presentado una denuncia ante la Comisión Europea y el Gobierno ha tenido que dar explicaciones.

Tras estudiarlas a fondo, me reafirmo: Es una ayuda de Estado ILEGAL. Abro HILO con la investigación🔎 1/19
Contexto: tras mi denuncia ante la Comisión Europea por ayuda de Estado ilegal a Plus Ultra, el Gobierno ha enviado sus explicaciones a la Comisión. Presentamos nuestra respuesta el 20 de mayo y hoy la vamos a compartir con vosotros. 2/19
Hay 4 argumentos clave sobre Plus Ultra que explico en mi escrito:
👉 No es una empresa estratégica
👉 Estaba en crisis antes del Covid
👉 No es viable: no podrá devolver el dinero en 7 años
👉 La ayuda es manifiestamente desproporcionada
3/19
NO ES ESTRATÉGICA
⭕ Tiene 4 aviones y solo vuela a 3 países
⭕ Cuota de mercado del 0.1% del mercado aéreo español (0.2% si solo se consideran empresas 🇪🇸)
⭕ En las conexiones Madrid-Latinoamérica (su mercado geográfico) tiene la cuota de mercado más pequeña: 1.5%
4/19
¿Y, por qué es un problema que no sea estratégica?
👉 Porque va en contra de la Sentencia del Tribunal General de la UE
👉 Porque es arbitraria: si Plus Ultra no es estratégica, pero ha recibido una ayuda millonaria, ¿Por qué no la recibe un bar o un hotel?
5/19
PLUS ULTRA ESTABA EN CRISIS ANTES DE LA PANDEMIA
❌La UE autorizó al Gobierno a dar ayudas estatales siempre y cuando la empresa NO estuviese en crisis
🧑‍⚖️ ¿Cómo se sabe si está en crisis? Si las pérdidas acumuladas han hecho desaparecer más de la mitad del capital suscrito 6/19
⭕ Desde su creación en 2015, Plus Ultra no había tenido beneficios ningún año (en 2019, antes de la pandemia, tuvo 2.7M de pérdidas)
⭕ Acumulaba 13M de pérdidas, es decir más de la mitad de su capital suscrito (19.2M) 7/19
Para cumplir con el requisito y recibir la ayuda, Plus Ultra utilizó un préstamo participativo SIMULADO de €6.3m que le dio la empresa panameña Panacorp. Os explico el truco en el video (aviso: huele fatal) 8/19
UNA AYUDA MANIFIESTAMENTE DESPROPORCIONADA
Según la ley, la ayuda no puede ser mayor a las pérdidas de capital sufridas entre 31/12/2019 y el momento de la solicitud, el 02/09/2020. En el caso de Plus Ultra, consta que, a finales de octubre de 2020, había perdido, 16.3M
9/19
El Gobierno le ha dado una ayuda ¡3 veces mayor que la cantidad legalmente permitida! a una empresa controlada por personas de dudosa reputación 10/19
RIESGO DE QUE EL DINERO NO SE DEVUELVA

Plus Ultra dice que recuperará su nivel de actividad en 2022, pero organismos internacionales de aviación civil estiman que en el mejor de los casos será en 2024
👉 los vuelos internacionales fuera de la UE serán los que más tarden 11/19
Incluso con unas estimaciones tan optimistas, Plus Ultra espera perder 34M entre 2020 y 2022.

¿Cómo va a poder cubrir el agujero de pérdidas acumuladas y devolver €53m en 2026 (como se ha comprometido con la SEPI), sabiendo que jamás ha generado beneficios? 12/19
LA TRAMA VENEZOLANA

Si Plus Ultra no es estratégica para España y no cumplía las condiciones para recibir la ayuda… ¿para quién es estratégica? 13/19
Los accionistas de Plus Ultra están relacionados con investigaciones por corrupción y blanqueo de dinero. 14/19
La ex fiscal general de Venezuela ha acusado al Presidente y accionista de Plus Ultra, Rodolfo Reyes, de operar compañías corruptas en beneficio de Nicolás Maduro 👇15/19
En conclusión, las explicaciones del Gobierno ante Bruselas no solo no eliminan las sospechas, sino que confirman todos los extremos de mi denuncia 👇
16/19
Voy a ser muy claro: El Presidente del Gobierno y los ministros implicados deben dar explicar a todos los españoles y asegurar que la ayuda pagada del bolsillo de los contribuyentes no acaba en una cuenta en Panamá. 17/19
Esta mañana he dado una rueda de prensa donde explico con detalle todo el caso. Podéis verla aquí 👇18/19
Y aquí podéis ver el escrito de alegaciones que he enviado a la Comisión 👇 19/19
luisgaricano.eu/wp-content/upl…

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More from @lugaricano

Jan 15
🧵While Brussels dreams up new billion-euro funds, businesses suffocate under red tape. Draghi's report maps our regulatory labyrinth, yet prescribes more debt as the cure. France now pays higher rates than Greece. Here's the story.
(From my Silicon Continent post today)
1/10 Image
Over the last decade, we've witnessed an unprecedented debt explosion. Just energy crisis measures cost €651bn in 16 months.

Yet EU growth remains anemic. Our supposedly "neoliberal" era has paradoxically increased business regulations and constraints.
siliconcontinent.com/p/focus-on-the…
The alternative can be seen in the countries forced to reform during the euro crisis. Greece, Ireland, Portugal, and Cyprus have outperformed the eurozone in growth and job creation for a decade. Not from debt - from structural reform. Image
Read 10 tweets
Dec 18, 2024
1/10 Europe just got a brutal wake-up call about green energy math. When wind & sun disappeared in December, electricity prices shot up 20X. Our current plans for batteries and storage won't solve this for decades. Here's the real numbers 🧵 Image
2/10 Case in point: December 2023's "dunkelflaute" in Europe. No wind, no sun. Result? Electricity prices spiked 20x in Norway, hit record highs in Netherlands, and led Spain's authorities to cut power to factories 🌑
Link to the post by @pietergaricano

siliconcontinent.com/p/intermittenc…
3/10 People confuse power (GW) with energy (GWh). A 1GW battery might sound as good as a 1GW nuclear plant. But batteries run for hours, nuclear runs forever. During a 4-day "dark doldrums," that nuclear plant makes 96GWh - while your battery is long dead.
Read 11 tweets
Nov 27, 2024
The ECB is handicapping its digital euro project (strict holding limits, no interest payments, and mandatory bank account links) in order to protect the current broken, inefficient, subsidized banking system.

Do we need banks?

My post today in Silicon Continent
🧵 Image
The ECB wants to give Europeans direct central bank accounts for payments. Their goal? Compete with Bitcoin and lower transaction costs by cutting out Visa/Mastercard fees. Sounds great... until you see the restrictions.
2/10
siliconcontinent.com/p/do-we-need-b…
They impose these restrictions to avoid financial instability (warning: usually this expression means a banker wants to pick your pocket).

Why protect banks when they're becoming obsolete? Non-bank players now handle mortgages, payments, corporate credit, etc.
3/10 Image
Read 10 tweets
Nov 13, 2024
Europe had an effective tool for climate action: the Emissions Trading System (ETS). Instead of expanding this market-based solution, we've built a byzantine regulatory framework that goes far beyond emissions reduction.
THREAD on my post today on the "Compliance Doom Loop"
1/10 Image
Costs are staggering: Corporate Sustainability Reporting Directive (CSRD) requires 42,000 companies report 1,052 data points (783 mandatory). Cost: €150K-1M per company annually.
CSRD compliance costs of 12.5% of investment of mid sized firms (EIB).

2/ siliconcontinent.com/p/the-complian…Image
Danish firms face 63% more regulations in 2023 vs 2001. Chemical industry SME compliance costs nearly doubled: €332.5K (2014) to €577K (2023). Add GDPR: €500K-10M more.
3/ Image
Read 10 tweets
Nov 6, 2024
Wake-up Europe! Enough of the de-growth agenda!
There is no strategic autonomy while we spend our every waking hour erecting barriers to growth!
THREAD on the post today in Silicon Continent by @pietergaricano.
1/8
Today's Trump victory makes Europe's strategic autonomy urgent. But Europe has lived beyond its means through "luxury rules" - virtuous but growth-hurting policies that were only possible due to US protection and innovation.
2/
siliconcontinent.com/p/the-end-of-l…
Luxury rules are laws that make our privileged societies feel good but harm competitiveness. Like Germany closing nuclear plants in 2011, increasing reliance on imported gas, or the EU's GDPR hurting tech innovation.
3/
Read 8 tweets
Oct 30, 2024
The EU AI Act seems designed to allow AI only for routine tasks while hindering its use in high-level problem-solving.

This will endanger European AI startups and significantly damage EU productivity.

THREAD on our post today in Silicon Continent.
1/9 Image
An AI bank teller in the EU would need two humans to oversee it. A startup building an AI tutor faces countless hurdles before launching. The is the reality under the EU AI Act—a well-meaning but flawed attempt to regulate AI.
2/
siliconcontinent.com/p/the-strange-…
The Act classifies AI systems by risk: unacceptable, high, limited, and minimal. Unacceptable systems, like social scoring or workplace emotion recognition, are banned.
Fines can reach €15 million or 3% of global revenue.
3/
Read 9 tweets

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