Air Europa has concluded an agreement with Turkish Airlines, involving 26% of its capital for 300 million euros. At the same time, SEPI excitedly announced that the airline had returned the 475 million advance … Rescue granted in the epidemic. Thus, the state assumes that it has not suffered any financial harm in a suspicious operation due to the relationship between the Prime Minister’s wife and Javier HidalgoPresident of Globalia. But when the government acts as a party rather than an arbitrator, we citizens have a right to be suspicious.
This is not just buying and selling. Turkish Airlines, 49% of which is controlled by the Turkish sovereign wealth fund (TWF), responds to a political logic, not just a commercial one. Although its board today appears committed to the Santiago Principles, which were established in 2008 as standards for good governance of sovereign funds, this was not always the case. Two years after its inception, in 2016, TWF looked like a subsidiary of fAmy ErdoganIt is headed by the Turkish President and managed by his son-in-law, Berat Albayrak, then Minister of Finance.
Another family, the Hidalgos, owners of Globalia and Air Europe, had a strong card up its sleeve: the head of government’s personal interest in things ending well. Manuel de la Rocha’s efforts reached the port of Türkiye. But the problem is not the result, but the process. Who guarantees that there will be no reciprocal compensation? That the government did not facilitate this process in exchange for other services? And that Turkish interests will not affect Spain’s strategic decisions? Some signs are worrying. Türkiye is promoting the Hurjet, an aircraft that has already been evaluated by the Spanish Air Force as a supersonic trainer. The Cabinet approved the purchase of 3.12 billionCould it be part of the implicit package? We don’t know. Even transparency does not solve the problem today. Only incompatibility does that.
This is not the first time that the executive branch has acted as an economic agent rather than a regulatory body. The Air Europa case reminds us that the state not only lent money, but could have opened the doors from within. Turkish Airlines She declares that she has no intention of increasing her involvement. excellent. But what if tomorrow the Turkish sovereign fund wants more control?
The ransom was returned, yes. But this does not remove doubts. Fair play is not an optional virtue, but rather a condition when a state becomes a partner with private companies or other states. If Spain wants to maintain its position Legal certaintyThe government must stop acting as a commercial intermediary and return to its natural role: that of guarantor of the public interest. Because it is important that the money is recovered, but it is also important to know the circumstances under which it disappeared. jmuller@abc.es
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