Altice USA Chairman Resigns Amid Altice Group Co-Founder’s Arrest in Portugal Connected to Corruption Investigation

variety.com:

Altice USA and co-CEO of Altice Group, suspended himself from all executive and non-executive duties at the company after a corruption probe launched by authorities in Portugal.

Fonseca’s stepping back from his duties comes after Armando Pereira — co-founder of Altice Group, Patrick Drahi’s leading cable and telecom company — spent the weekend in custody as part of an investigation into suspected corruption, fiscal fraud and money laundering, according to French reports.

Fonseca is also targeted in the investigation, per Le Figaro newspaper. Altice Portugal confirmed on July 13 it was one of the companies searched by the Portuguese authorities in compliance with a warrant issued by the Public Prosecutor’s Office as part of an ongoing investigation directed against individuals as well as entities outside Altice Group. “Altice Portugal is providing all the cooperation requested and will always be available for any clarification,” the company said.

Altice Group said Fonseca has suspended all of his “executive and non-executive roles” for the company in several geographies. “With this decision, Alexandre Fonseca is looking to fully protect and safeguard the Altice Group’s best interests and all its brands, in an ongoing public process, where allegedly, there are facts under investigation which occurred in the timeframe where he was the CEO of Altice Portugal,” Altice Group said in a statement Monday. “This posture from Alexandre Fonseca comes as responsible on the path to clarification of the truth.” On July 15, Fonseca resigned from the board of Altice USA, according to an SEC filing Monday.