Altice International says it has taken immediate action with relation to allegations of corruption at its Portuguese subsidiary and is working to protect the interests of the group and all stakeholders.
In a call accompanying its latest results, its founder and leading shareholder Patrick Drahi has also said he was shocked and betrayed by the corruption allegations.
The actions Altice has taken are:
Investigations in Portugal and across other jurisdictions launched under the authority of a global investigation committee to perform a thorough, independent and broad investigation in key jurisdictions (Ropes & Gray and DLA Piper France appointed as global co-ordinating counsel by Next Alt, with local counsel in addition to other advisors in local jurisdictions).
A small number of key legal representatives, managers and employees in Portugal and abroad have been placed on leave while this investigation is conducted, internal organisation reconfigured with the appropriate individuals covering the relevant positions.
Full review and thorough reinforcement of the approval process on all procurement, payments, purchase orders and related processes. Altice and its subsidiaries have already started transitioning from suppliers potentially implicated by the Portuguese authorities’ investigation.
Altice International goes on to say it will provide any material updates as appropriate and permissible in due course, with transparency throughout the process.
Patrick Drahi, and management team, including some country CEOs, will host investor meetings in London and New York in September 2023.
Altice International had total reported revenues of €1,277 million in Q2, or 4.6% more than a year earlier.
EBITDA was €456 million (+4.3%) and net debt €8,552 million.
