Drahi’s Telecom Empire Wrestles With Corruption Probe Fallout
- Sixty suppliers are frozen, managers are asked not to worry
- Armando Pereira will remain in custody until Monday or Tuesday
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The impact of a corruption probe that has ensnared some of the most powerful figures at Patrick Drahi’s Altice group is rippling through the French billionaire’s vast telecommunications empire.
Since Altice co-founder Armando Pereira was detained in Portugal on July 13 as part of a criminal investigation into alleged corruption, tax fraud and money laundering, the company has suspended contracts with about 60 suppliers, launched internal audits, and has put its US head of procurement Yossi Benchetrit — Pereira’s son-in-law — on leave. Alexandre Fonseca, chairman of Altice USA, has also been suspended, along with about ten other employees, the company said.