French financial prosecutors have launched an investigation into Patrick Drahi’s Altice group.
The enquiry is in its early stages and may not lead to any formal charges.
It began last September after the arrest of Armando Pereira, Altice’s co-founder, the previous July. Pereira was released on €10 million bail while the investigation continued.
The accusation is that of money laundering offences and the subsequent attempt to cover them up.
Pereira, who denies any wrongdoing, is accused of fixing the Altice procurement process and supplier contracts to illegally siphon off several hundred million Euros.
The investigation was first reported by Bloomberg.
Altice has previously said it was the victim of a scheme to defraud the company.
Pereira has held a series of roles within Altice including that of chief operating officer.
The scandal has already claimed Alexandre Fonseca, the co-chief executive of Altice, who ran Altice Portugal between 2017 and 2022. Fonseca had previously suspended himself following the accusation from which he denies any wrongdoing.
The co-chief executive of Patrick Drahi’s Altice Group has stepped down after an investigation into corruption within its Portugese unit.
Alexandre Fonseca ran Altice Portugal between 2017 and 2022 and suspended himself after the company became involved in a procurement corruption scandal.
Several other Altice executives in Portugal and internationally were also suspended.
