Air Europa has signed a deal with Turkish Airlines, which will take a 26% stake in exchange for 300 million euros. At the same time, SEPI enthusiastically announced that the airline had returned $475 million in advance. … Relief given during the pandemic. Therefore, the State presumes that it has not suffered any economic damage in the operation, which is suspected due to the relationship between the wife of the President of the Government and the Government. Javier HidalgoPresident of Globalia. But when the government acts as a party rather than an arbiter, we the people have a right to be suspicious.
This is not just a sale. Turkish Airlines, which is 49% controlled by Turkey’s sovereign wealth fund Turkiye Wealth Fund (TWF), responds to a political logic as well as a commercial logic. Although boards currently appear to be adhering to the Santiago Principles, established in 2008 as standards of good governance for sovereign funds, this was not always the case. In 2016, two years after its founding, TWF looked like a blue-chip company.Amy Erdoğanheaded by the Turkish president and controlled by his son-in-law Berat Albayarak, then finance minister.
Another family, the Hidalgo family, owners of Globalia and Air Europa, had a powerful card up their sleeve: the personal interests of the government president who wanted to end things well. And Manuel de la Rocha’s efforts reached the port of Turquier. But the problem is not the result, but the process. Who guarantees that there was no mutual compensation? That the government did not facilitate this operation in exchange for other benefits? And won’t Turkey’s interests be a condition for Spain’s strategic decisions? Some signs are worrying. Mr. Turquier is touting the Fulljet, an aircraft that has already been evaluated by the Spanish Air Force as a supersonic trainer aircraft. The Council of Ministers approved the purchase for value. 3.12 billionIs it possible that it’s part of an implicit package? I don’t know. Not even transparency can solve the problem today. Only incompatibility makes that possible.
This is not the first time that the chief executive has acted as an economic actor rather than a regulator. The Air Europa incident is a reminder that states could not only have lent money, but also opened the door from within. turkish airlines He declared that he had no intention of increasing participation. perfection. But what if Turkey’s sovereign wealth fund asked for more control tomorrow?
Yes, the ransom money will be returned. But that doesn’t eliminate the question. Fair play is not an optional virtue, but a requirement when states partner with private companies and other states. If Spain wants to keep its country, legal certaintythe government must stop acting as a commercial intermediary and return to its original role as guarantor of the general interest. Because while it’s important that the money was recovered, it’s also important to know under what circumstances it disappeared. jmuller@abc.es
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