News
A report from Bloomberg has revealed that French prosecutors have launched their own preliminary investigations into persons linked to Altice, in parallel to separate investigations by Portuguese authorities
Last year saw a three-year corruption investigation by Portuguese authorities drew to a close, resulting in the detention of Altice co-founder Armando Pereira and two other individuals linked to the company.
While these investigations into corruption, tax fraud, and money laundering were primarily focussed on individuals and not Altice itself, the company nonetheless moved quickly to minimise to distance itself from the probe, with co-chief executive officer Alexandre Fonseca suspending himself in July.
Fonseca was ultimately placed under house arrest in October, leading to him formally exiting Altice in January this year.
Now, however, it seems that these corruption allegations are spreading, with reports suggesting that France’s Parquet National Financier had quietly launched its own probes into these issues back in September.
According to anonymous sources speaking to Bloomberg, the investigation is exploring cases of corruption of individuals who don’t hold public office, money laundering, and attempts to conceal related offenses.
The investigation comes a turbulent time for Altice, which is currently in the midst of a strategic reset that includes the sale of various business units in an attempt to shrink the company’s $60 billion in debt.
Most recently, reports suggest that Saudi Arabian telco group STC has emerged as a leading bidder for Altice Portugal, a unit that Altice’s owner, billionaire Patrick Drahi, had previously hoped to sell for roughly €10 billion.
While the exact sum offered by STC has yet to be revealed, reports suggest it is unlikely to come close to Drahi’s expectations.
Keep up to date with the latest international telecoms news by subscribing to the Total Telecom daily newsletter
Also in the news:
BT wins £26m contract to connect UK schools
Apple fined €1.8bn by European Commission over Spotify row
Japan to reduce regulatory pressure on incumbent NTT