Altice co-CEO Fonseca leaves after Portugal corruption probe

By Sergio Goncalves

LISBON (Reuters) – Altice’s suspended co-chief executive officer Alexandre Fonseca has left the group following an investigation into alleged corruption at its Portuguese subsidiary, the telecoms company said on Thursday.

Fonseca, who led Altice Portugal from November 2017 to April 2022, was not considered a suspect in the investigation.

“Altice group and I reached an agreement that puts an end to a relationship of more than a decade, in which I put all my commitment and dedication,” Fonseca said on X.

A spokesperson at Altice Portugal said the group had “reached an agreement with Fonseca, ceasing the employment contract it had with him, as well as all executive and non-executive roles he had”.

The spokesperson did not disclose the financial details of the agreement.

Fonseca suspended himself from all his roles last July after the detention of Altice’s co-founder Armando Pereira as part of an investigation into alleged corruption, tax fraud and money laundering at Altice Portugal.

Pereira, who was under house arrest for three months until October 2023, has denied any wrongdoing.

Police said the probe focused on suspicions that Altice Portugal’s procurement process was rigged.

Pereira founded Altice jointly with French-Israeli telecoms tycoon Patrick Drahi.

Drahi told investors in August he felt “shocked” and “betrayed” by the corruption probe in Portugal.

(Reporting by Sergio Goncalves; editing by Catarina Demony and Jason Neely)