Armando Pereira, the co-founder of Altice, has been detained on suspicion of corruption, tax fraud and money laundering.
According to SIC, his house was one of several places visited by authorities late last week looking for documents and other evidence related to a fraudulent scheme that would have damaged Altice by several million euros.
SIC adds that his illicit gains, through simulated real estate deals and concealed profits from the sale of assets, could have amounted to €250 million.
Two other people were detained in addition to Pereira.
Since Pereira’s detention, Altice’s co-CEO Alexandre Fonseca has decided to suspend himself during the investigation. It is understood that he is not a defendant and has made the move to protect the interests of Altice Group.
Broadband TV News notes that Pereira co-founded Altice with Patrick Drahi.