Gustavo Vargas, boss of Chapecoense airline, has been remanded in custody and may face 71 charges of manslaughter.
The owner of LaMia will be made to face authorities in Bolivia, while they carry out investigations to decide if Gustavo will be prosecuted.
The Brazilian team were onboard the plane enroute to Medellin for a competition between Chapecoense and some other teams in the Copa Sudamericana finals.
Journalists, Brazilian team players, coaches, and crew members were among those who lost their lives after one of LaMia’s jets crashed due to insufficient fuel in the Aircraft.
The British-made jet was right at the edge of its fuel capacity, but another plane was given priority as the flight arrived and it was asked to circle by air traffic control.
Moments later, the pilot Miguel Quiroga declared “total electrical failure” on board, confessing that there was “no fuel”.
On Thursday, a judge ordered that Mr Vargas be held in custody to face a number of charges including manslaughter.
Mr Vagas, who is still with the police, will be made to face charges for manslaughter despite accusing authorities of lying and lamenting bitterly about the sad incident.
He said, “I’ve blamed myself, it would have been easy to run away and disappear.”