Judge Calama revealed that Plus Ultra altered its balance sheets to receive 53 million from SEPI. It used a loan from Panacorp that immobilized funds in Dominica, adjusted provisions, and the seizure of an aircraft to prevent equity from reflecting losses. The airline thus avoided appearing in the red before the public bailout.
Accounting engineering with opaque financial tools 🧮
The maneuver included a loan from the Panamanian group Panacorp that was not liquid, but rather funds blocked in a bank in Dominica. Plus Ultra also modified provisions and used a bondholder swap through the seizure of an aircraft. These operations concealed real losses and kept equity in positive territory. The judge points out that it was all a cosmetic fix to meet the requirements of the state bailout.
The seized aircraft that flew straight into creative accounting ✈️
It seems that at Plus Ultra they thought that if you hide an aircraft under the accounting rug, no one notices. Or that a loan from Panacorp with money trapped in Dominica sounds like a serious bailout. In the end, the only thing that took off was financial ingenuity, while the 53 million landed in their accounts. Of course, the judge has already asked them for their passports to testify.