Altice co-founder Pereira secures conditional release from house arrest

Altice co-founder Armando Pereira, currently under investigation by Portuguese police as part of its Operation Picoas investigation into corruption and fraud at the telecom giant’s local operation, has posted bail of €10 million to be released from house arrest, according to local reports.

The move comes after a Portuguese court confirmed a prohibition on the entrepreneur from contacting other defendants in the case as well as employees of companies linked to businessman Hernâni Vaz Antunes, another defendant.

Under the terms of his bail, Pereira will be able to travel outside the country with prior authorisation of the court, according to the reports.

Pereira has been indicted for 11 alleged offences involving tax fraud, money laundering and falsifying documents.

The case has aggravated problems faced by the wider Altice group, the international telecoms giant owned by tycoon Patrick Drahi, which is heavily indebted.

Drahi has sought to implement multiple strategies to alleviate the crises engulfing the group, including the possible sale of Altice Portugal and even, according to reports, the partial sale of Altice France, the owner of operator SFR.

Seeking to reassure debt investors in August, Drahi spoke of his “shock” and “huge disappointment” following the arrest of Pereira and other individuals linked to the company.