No charges have been brought but investigators are looking into the scandal that first surfaced in Portugal involving the group’s co-founder
Bloomberg reports that French prosecutors are investigating potential corruption that could involve Altice. Last July, the telecom group’s co-founder, Armando Pereira, and other business associates were arrested in Portugal for running a suspected money laundering scam through procurement processes, tax fraud and corruption.
Pereira was released on €10 million bail while the investigation continues.
According to Bloomberg, the investigation by France’s Parquet National Financier began in September. It is looking into its wider procurement practices and possible corruption, money laundering and attempts to cover it up. Apparently no-one in public office is under suspicion.
News of the French investigation comes at a bad time. The Altice group has been rocked by the scandal in Portugal and its better known co-founder, Patrick Drahi, is trying to sell off assets to pay down its nett debt of €60 billion.
Almost every part of the business Drahi has built up over the last 30 years, fuelled by debt, is potentially for sale. Iliad group and stc are both interested in buying Altice Portugal assets
Altice France, including French carrier SFR, is Altice group’s largest unit in revenue, with €11.3 billion in 2022. KKR and Macquarie Group are reportedly interested in acquiring its XpFibre unit.