Altice: investigation opened in France for suspicion of corruption around the group

An investigation was opened in France by the financial prosecutor’s office (PNF) in particular to suspicions of corruption around the Altice telecoms groupalready targeted by investigations in Portugal for the same offenses, a judicial source indicated on Friday.

The investigation was opened in September 2023 for corruption of persons not exercising public functions, money laundering and concealment of these offenses following the arrest by the Portuguese authorities ofArmando Pereira, right-hand man of French businessman Patrick Drahiowner of Altice, specified this source, confirming information from Bloomberg.

Altice continues to be available to the Portuguese public prosecutor’s office and to work with the Portuguese justice system, the group told AFP on Friday, specifying that it had obtained civil party status in the procedure.

Vast raid in Portugal

In Portugal, an investigation was opened for suspicion of “corruption in the private sector, tax fraud, forgery and use of forgery and money laundering”, according to the Portuguese public prosecutor.

Portuguese businessman Armando Pereira, co-founder of Altice, was arrested in July 2023 as part of a vast dragnet.

Indicted, he is suspected of having set up a network of dubious suppliers with the aim of embezzling large sums of money via the group’s purchasing policy, which he disputes. In October he paid a deposit of ten million euros to end his house arrest. The company’s headquarters in Lisbon was searched during this raid.

These suspicions of corruption, which threatened to shake up Patrick Drahi’s empire, led to the suspension of around fifteen employees, including a manager of the group in France. Patrick Drahi had declared feeling “betrayed and deceived by a small group of individuals”. He then assured that this scandal would have “no impact” on Altice’s finances and forecasts.

At the beginning of January, Alexandre Fonseca, one of the co-general managers of Altice Europe and general manager of Altice USA, who announced his departure after “more than a decade” within the group.

Before being named CEO of Altice USA in March, Alexandre Fonseca was head of the board of directors of Altice Portugal. He himself was not targeted by the Portuguese investigations but was suspended from his functions after the arrest of Armando Pereira.

Altice is the parent company of the French operator SFR and the media BFMTV and RMC.