LISBON - Altice Portugal, a subsidiary of the multinational Altice Group owned by Patrick Drahi, has been navigating through a turbulent period following corruption charges that surfaced in July 2023. Today, the company revealed findings from its internal investigations which were conducted by law firms Ropes & Gray and DLA Piper France. The investigations, involving forensic experts, have identified certain violations within the group.
The internal probe was initiated in response to corruption allegations that led to widespread employee dismissals within the Altice Group earlier this year. Despite the discovery of these violations, the investigation has concluded that the financial health of the group's subsidiaries will not be significantly impacted.
In addition to addressing these internal issues, Patrick Drahi is actively working on asset sales as part of a broader strategy to reduce the group's considerable $60 billion debt load. This move is seen as an attempt to stabilize the company's finances and reassure investors and stakeholders of its commitment to fiscal responsibility.
Following the corruption charges, Altice has taken decisive action by cutting ties with suppliers involved in the misconduct. The company is also strengthening its internal control systems to enhance oversight and prevent similar issues from arising in the future. These efforts reflect a concerted push by Altice to restore trust and ensure compliance across its operations.
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