Altice International - comment

Last Thursday and Friday, the Portuguese Department of Investigation and Criminal Action rated 90 premises as part of an investigation into alleged crimes of corruption, tax fraud, forgery and money laundering. This relates to suspicions that Altice Group’s decision-making process was rigged in terms of procurement, with practices that were harmful to the Group’s own companies and its suppliers and competitors. As part of the raids, Altice’s co-founder, Armando Pereira was detained. Details are sketchy, but the initial figure of €15m has now increased to c. €250m. The Company has not provided any statement yet on its impact.