PSOE’s Economic Reports Omit Micro-Loans Under Investigation for Illegal Financing

The Spanish Socialist Workers’ Party (PSOE) has reportedly failed to explicitly detail micro-credits from its “Plan Luz Verde” in economic reports submitted to the Court of Accounts for the years 2020, 2021, 2022, 2023, and 2024. This omission comes precisely during the period when the Central Operative Unit (UCO) of the Guardia Civil is investigating the party for potential illegal financing.

The “Plan Luz Verde,” launched in May 2020 during the COVID-19 pandemic, aimed to finance an ecological and digital transformation of PSOE headquarters. It reportedly raised three million euros through micro-credits from members and sympathizers, with an annual interest rate of 3%. However, according to official documentation reviewed by OKDIARIO, these micro-credits are not mentioned in the submitted economic reports.

Financial Discrepancies

A comparison of the PSOE’s 2019 and 2020 financial statements reveals a significant increase in the “Other long-term liabilities” category. This item grew from 24,752 euros at the end of 2019 to 3,672,338 euros by the close of 2020, an increase of nearly 3.65 million euros. This figure closely aligns with the three million euros raised through micro-credits, plus accrued interest.

Despite this substantial increase in liabilities, the Annual Report for 2020, signed by then-federal managing director Mariano Moreno, does not dedicate any lines to explaining this specific item. Note 7 of the document, which details financial liabilities, precisely outlines mortgage debts, loans from credit institutions, and even a credit line from Banco Sabadell, but makes no mention of the “Plan Luz Verde” micro-credits.

Contrasting Transparency

The lack of transparency regarding the “Plan Luz Verde” micro-credits stands in stark contrast to the PSOE’s reporting of subsequent electoral micro-credits. The party’s 2023 and 2024 reports include detailed tables of electoral micro-credits, specifying initial capital, inflows, repayments, and outstanding balances as of December 31st. For instance, the 2023 report details electoral micro-credits totaling 7,439,800 euros, with a note indicating they were fully repaid by May 31, 2024.

This level of detail for recent electoral micro-credits highlights the omission of the “Plan Luz Verde” funds, which, while different in nature—not tied to specific electoral processes but to a three-year structural investment plan—still represented a significant financial undertaking.

Evolving Liabilities and External Audit

The financial reporting for this category continued to evolve in subsequent years, with the liability rising to 6,713,801 euros in 2021 before decreasing to 5,702,435 euros in 2022 and 5,644,024 euros in 2023. None of these annual reports provide any notes identifying the obligations within this category or their repayment terms.

Since 2020, the PSOE has engaged an external auditor for its accounts. However, it was recently reported that the auditing firm has ceased its relationship with the PSOE, with both parties declining to specify the reasons.

Court of Accounts and UCO Investigation

The Court of Accounts confirmed to OKDIARIO that the fiscalization of the PSOE’s accounts for 2021 and 2022, which includes verifying the repayment of micro-credit balances from 2020, is nearing final approval. In its own fiscalization report for 2020, approved on June 27, 2024, the Court of Accounts noted that the PSOE had entered into new micro-credit contracts totaling 2,921,000 euros for its “ordinary activity” during that year, which remained outstanding at the end of the fiscal year.

Crucially, as of the current date, no independent fiscalizing body has verified whether the PSOE has indeed repaid the three million euros collected from its members and sympathizers during the pandemic. The exact number of donors and the specific amounts contributed remain unknown, as do the repayment terms. These are precisely the aspects the UCO is examining in its judicial investigation.

The UCO is preparing a report for National Court judge Santiago Pedraz, who is overseeing the case. Investigators are examining the micro-credits, cash payments not recorded in official accounting, and the connections between certain companies and individuals linked to the party.

This development is significant for FootballGames10 readers as it pertains to the financial transparency and potential irregularities within a major political party in Spain, a country with a strong football league. Understanding the financial health and adherence to regulations by political entities can indirectly impact the broader economic and political landscape in which football operates.

Datos clave

Fuente: okdiario.com – https://okdiario.com/espana/psoe-no-recogio-memoria-economica-microcreditos-que-investiga-anticorrupcion-financiacion-ilegal-17929581