Armando Pereira, co-founder of Altice and a key suspect in Operation Picoas, was subject to searches this Tuesday morning in France.
The French newspaper Le Monde reported that the Central Office for Combatting Corruption and Financial and Fiscal Crimes initiated a large-scale police operation targeting 14 companies that worked with Altice, alongside 15 private residences, including that of Armando Pereira.
Jean-François Bohnert, the prosecutor from the National Financial Prosecutor’s Office (PNF) specializing in financial criminal cases, stated that the searches aimed to “recover useful evidence for the continuation of investigations.” A total of 14 million euros were seized in bank accounts, as well as vehicles and luxury items.
The prosecutor claimed that the case involved “a vast system of corruption characterized by acts such as private corruption, organized fraud, and organized money laundering, to the detriment of the Altice group.”
The French Public Prosecutor’s Office believes the scheme revolves around a network of shell companies positioned between Altice and certain suppliers, allowing for overbilling of services and goods. The extra funds facilitated a money laundering operation.
Armando Pereira at the Disposal of Justice
Lawyers for the former CEO of Altice, Jean Tamalet and Aurélie Chazottes, confirmed the searches, expressing regret that “it took more than two years and numerous requests for [Armando Pereira] to be heard, exposing the reality of the situation to the press for the PNF to finally decide to investigate the contested accusations” against Armando Pereira.
The businessman’s lawyers also emphasized that he “has been available to the judicial system since day one and intends to actively participate in the search for truth.”
This operation marks a significant development in the investigation since it was launched in September 2023 by the PNF. The investigation was sparked by complaints from the Portuguese judiciary the previous month, raising suspicions of “private corruption, misappropriation of company assets, and money laundering.”
Armando Pereira Charged with 11 Crimes in Portugal
The case, though also involving French implications, began in Portugal on July 13, 2023, when Armando Pereira was detained by Portuguese authorities. Initially detained for ten days, he was later placed under house arrest, a measure that ended after the Portuguese mogul paid a bail of 10 million euros.
Armando Pereira is accused of 11 crimes, namely tax fraud, corruption, and money laundering.
The Altice co-founder is allegedly the leader of a scheme that, according to the Portuguese Public Prosecutor’s Office (MP), defrauded the state and the business group out of hundreds of millions of euros through the involvement of dozens of companies indirectly controlled by his confidant, Hernâni Vaz Antunes.
The businessman reportedly used his influence within the group to oversee supplier hiring decisions, with suppliers allegedly required to hire services from companies controlled by Hernâni Vaz Antunes to secure Altice contracts.
Some key points from this three-year investigation highlight suspicions of private sector corruption, tax fraud, money laundering, and forgery.
Lusa | 16:06 – 18/07/2023
Following the public disclosure of the case, Patrick Drahi, who co-founded the company with Armando Pereira, confessed to feeling “shocked and greatly disappointed” upon learning of the investigation into Altice.
“If these allegations are true, I feel betrayed and deceived by a small group of individuals, including one of our oldest colleagues,” he added in an online call with bondholders.
“I believe these individuals, if the allegations are proven, took advantage of their position at the expense of the group and thus also at my personal expense,” he further noted, emphasizing that the group is taking “this matter very seriously.”
Altice is reportedly cooperating with Portuguese and French authorities in the criminal investigation.
Patrick Drahi, founder of the Altice group, stated today that “it was a shock and a great disappointment” regarding the investigation involving Altice Portugal and emphasized that if “these allegations are true,” he will feel “betrayed and deceived.”
Lusa | 12:54 – 07/08/2023
