Armando Pereira no longer holds shares in Altice

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Patrick Drahi, founder of the Altice group, said today that Armando Pereira, involved in Operation Picoas, no longer holds shares in the company, but has an economic interest of 20% of the position of the Franco-Israeli-Portuguese multimillionaire.

During the call with bondholders online, Patrick Drahi took the opportunity to explain the current organizational structure and configuration of Altice International.

First, he said, “in terms of ownership structure, the vast majority of Altice International is owned by Next,” he said.

Next “is my personal family holding company, of which I own 100% of the shares and voting rights”, he continued.

“When I founded Altice in 2001, I created a management team in the first acquisition, where I hired Armando Pereira in 2003, among others. He was responsible for technical operations, including technical purchases,” the group’s founder explained.

“As part of this role and like many managers in the group, Armando Pereira made a small investment in Altice’s first acquisition, representing less than 1% of the capital” and received “a carry interest indexed to Altice’s private equity investors”.

Over time, “the form of the economic interest has evolved and since 2005, [Armando Pereira] does not hold a single share or right in any of the Altice entities, retaining only a stake of around 20% of my personal economic interest”, Patrick Drahi continued.

He added that after Armando Pereira was “involved in the restructuring” of the business in the Dominican Republic in 2014, then in Portugal 2015/2016, he had no involvement in any further operations of Altice International subsidiaries.

Patrick Drahi said he was “shocked and very disappointed” by the Operation Picoas investigation and stressed that if “these allegations are true” he will feel “betrayed and deceived”.

At the center of the investigations is Armando Pereira, who was an advisor to the CEO and Executive Committee of Altice France.

Operation Picoas, triggered on July 13, led to several arrests – including that of the co-founder of the Altice group Armando Pereira -, had about 90 home and non-home searches, including the headquarters of Altice Portugal, in Lisbon, and premises of companies and offices in various parts of the country, according to the Central Department of Investigation and Criminal Action (DCIAP) of the Public Ministry (MP). This was a joint action by the MP and the Tax Authority (AT).

Since July 19, Ana Figueiredo has accumulated the position of chairwoman of Altice Portugal with that of chief executive officer (CEO), after Alexandre Fonseca suspended his duties in the context of the group’s executive and non-executive management activities in several geographies, including the positions of chairman in several subsidiaries, including Altice Portugal, as well as the director of Altice Portugal João Zúquete da Silva, who had the area of assets.

Also on leave is Armando Pereira’s son-in-law, Yossi Benchetrit, who is responsible for purchasing and real estate at Altice USA.

Patrick Drahi indicated today that, following Operation Picoas, the group has “immediately” placed 15 people on leave in Portugal, France and the United States.

Iris Lavan
Iris Lavan
With a background as a consultant in the medical industry, Iris Lavan brings a wealth of knowledge and expertise to Portugal Pulse. Iris also runs a company in Tel Aviv offering marketing, business development, content creation and public relations services. She holds a degree in economics and management, giving her a solid grounding in business strategy and financial planning. Iris' commitment to Portugal Pulse is reflected not only in her consulting career, but also in her impact on the Portugale media landscape in Israel. She was an interviewer for Hadshot Portugal חדשות פורטוגל, a media outlet that broadcasts news about Portugal in Hebrew, where she provided valuable information on current affairs, healthcare and the economy. Since July 2023, Iris has also been part of the Portugal Pulse team.

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