French authorities in Altice corruption probe

French legal authorities have opened a preliminary investigation into potential corruption linked to Patrick Drahi’s Altice, according to a report by Bloomberg.

According to the report, citing unnamed sources, the French Parquet National Financier (PNF) is probing the group for potential corruption of individuals, money laundering and attempts to conceal offences.

According to Bloomberg and other reports, the probe was launched last September, but has not previously been reported.

The Bloomberg report was backed up by French press with dailies Les Echos and Le Figaro both confirming it via their own sources.

The launch of the French enquiry follows the ongoing Operation Picoas investigation by Portugal’s Departamento Central de Investigação e Ação Penal (DCIAP) into alleged corruption at Altice’s Portuguese operation, centred around the figure of Armando Pereira, a co-founder of the Altice group.

The allegations, which rocked Altice Group last year, led to Drahi using a debt investors call to express his “shock” and “huge disappointment”.

Drahi told investors that, if the allegations were true, he felt “betrayed and deceived by a small group of individuals including one of our oldest colleagues”.

Since then, Altice and Drahi have been involved in a concerted drive to reduce the Altice group’s huge €60 billion debt pile, with the sale of multiple assets under consideration.

Most recently, it was reported that multiple bidders had lined up and been shortlisted for the acquisition of the group’s French fibre business as well as the Portuguese operation