Altice case in Portugal: Patrick Drahi rises to the niche to defend a faltering empire

2023-08-07T21:54:02.388Z

Highlights: "A shock, a great disappointment" is the reaction of Patrick Drahi, after the arrest of the co-founder of Altice in Portugal in mid-July. The case broke out on July 13 with the search of the company's local headquarters in Lisbon. Armando Pereira is suspected of eleven corruption and money laundering offences. He is also suspected of having set up a network of dubious suppliers in order to embezzle large sums of money via the group's purchasing policy. The investigation implicated three other executives, and in total, Altice suspended about fifteen people.

The Franco-Israeli billionaire Patrick Drahi had to step up to defend his telecoms empire. "A shock, a great disappointment", is the reaction of Patrick Drahi, after the arrest...

Altice case in Portugal: Patrick Drahi rises to the niche to defend a faltering empire

The Franco-Israeli billionaire Patrick Drahi had to step up to defend his telecoms empire. "A shock, a great disappointment" is the reaction of Patrick Drahi, after the arrest of the co-founder of Altice in Portugal in mid-July.

Altice Group Chairman Patrick Drahi at the French Senate in February 2022. AFP - STEPHANE DE SAKUTIN

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For the first time since the beginning of this case, the boss of Altice has risen to the niche to defend his telecoms and media group, during a conference with investors. Feeling "betrayed and deceived by a small group of individuals" if "the allegations are true", he promised to make all the transparency on this case which weakens a highly indebted company.

The case broke out on July 13 with the search of the company's local headquarters in Lisbon and the arrest of Armando Pereira, Patrick Drahi's right-hand man.

Portuguese investigators are particularly interested in the sale of four buildings that belonged to the incumbent operator Portugal Telecom, bought by Altice. An operation that would have harmed the Portuguese State and Altice International to the tune of several million euros, according to CNN.

Armando Pereira, who no longer had an official mandate, but who was still advising company executives, is suspected of eleven corruption and money laundering offences.

The billionaire is also suspected of having set up a network of dubious suppliers in order to embezzle large sums of money via the group's purchasing policy.

The investigation implicated three other executives, and in total, Altice suspended about fifteen people in Portugal, France and the United States.

Patrick Drahi rarely speaks in public. But he had to try to reassure investors, especially since Altice has accumulated more than 50 billion euros of debt. The businessman assured that the scandal would have no impact on the finances of Altice International.

Altice case in Portugal: Patrick Drahi rises to the niche to defend a faltering empire

Altice case in Portugal: Patrick Drahi rises to the niche to defend a faltering empire

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