Altice co-founder Pereira placed under house arrest

Altice co-founder Armando Pereira has been placed under house arrest in Portugal as the corruption enquiry against him proceeds.

A judge ruled that Pereira could remain in his home, without an electronic tag, rather than remain in prison or be required to post €10 million bail, as demanded by prosecutors.

Businessman Hernâni Vaz Antunes, who was also questioned by police investigating corrupt practices, tax fraud and money laundering around Altice in Portugal, has also been placed under house arrest.

Altice USA chairman Alexandre Fonseca, who was serving as CEO of Altice Portugal when the alleged corrupt practices were ongoing, is reportedly on leave after suspending himself from all functions within the company.

The FT reported that Altice is now reviewing its supply chain approvals and has suspended any suspicious payments.

Pereira and Antunes are suspected of multiple crimes by police investigating corrupt practices at the company as part of their Operation Picoas enquiry.

Two other accused, Antunes’ daughter Jéssica and businessman Álvaro Gil Loureiro, were reportedly bailed for €500,000 and €250,000 respectively.

A number of other Altice executives are under investigation.