Amancio Ortega will no longer fly on his private jet

On July 9, a meeting of shareholders was held Inditex. Several documents were made public prior to this meeting, including the signing in 2023 of a private jet of a “company that is part of the group of companies of the controlling shareholder,” i.e. Amancio Ortega.

According to this document, which includes media such as Five days, purchase “An aircraft that meets Inditex’s operational requirements” has room for the “normal development of their business.” It is a used aircraft that has allowed them to avoid “a wait of about three years, which is how long it would have taken to deliver a new aircraft if that option had been chosen.”

The fee was 46 million euros, according to the group’s annual accounts, which show the amount in its section on related party transactions. In this case, the companies in question are its largest shareholder: Pontegadea Inversiones, Partler Participaciones and Partler 2006.

The price, according to the annual report of the Commission on Audit and Compliance with Related Party Transactions, was set after “two valuations carried out by two independent consultants with recognized international authority in the industry.”

The purchase price, according to this analysis, “was less than the carrying amount of the above-mentioned asset in the books of account.”“, so the sale transaction did not bring any benefit to Ortega. “It was concluded that in selling the aircraft, the selling party, as a company associated with the controlling shareholder of Inditex, did not receive any economic benefit or possible profit. The preferential treatment,” the company said, without specifying the type and model of the aircraft.

The news comes just two weeks after it was revealed that Marta Ortega, non-executive president of Inditex, had acquired reactive plane private because “I needed a secluded place to have some privacy between trips.”