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