Altice boss under investigation in corruption case

The Co-CEO of Altice Portugal Alexandre Fonseca has stepped down from all executive and non-executive functions at the telecoms giant because he is under judicial investigation.

Alexandre Fonseca’s house was searched last week along with the estate of Altice co-founder Armando Pereira. Alexandre Fonseca has not been arrested or made a legal defendant.
Altice’s Lisbon headquarters and the home of the 71-year-old millionaire (Armando Pereira) in Portugal’s northern municipality of Vieira do Minho were raided by officers, according to broadcasters CNN Portugal and SIC TV
Armando Pereira was one of the top brass at the company taken in for questioning last week and spent last weekend in police custody awaiting a court hearing by a judge.
According to legal sources widely cited in the Portuguese press, Alexandre Fonseca is likely to be eventually made a legal defendant which in Portugal means being charged for a suspected illegal act or acts.
According to the company, the decision taken by Alexandre Fonseca is to “protect the interests of the group”.
The Portuguese judicial police are investigating alleged incidences of corruption, tax fraud and money laundering.
Altice Portugal, which according to Reuters did not immediately reply to a request for comment, is Portugal’s largest telecoms company and is part of the Dutch-based telecoms and cable group Altice.
In a statement, Portugal’s department of investigation and criminal action (DCIAP) said 90 raids were conducted on Thursday and Friday at homes, companies and law firms across the country, and that three people were detained.
“The suspicions that led to the investigations indicate that the Altice Group’s decision-making process was rigged in terms of procurement, with practices that were harmful to the group’s own companies and competitors,” the DCIAP stated.