Altice Faces Corruption Allegations

Patrick Drahi, the owner and CEO of Altice International, spoke out on Monday about the corruption allegations surrounding the company. The telecoms group's leader addressed investors during the quarterly results announcement. Drahi expressed his shock and disappointment at the allegations, stating that if they are true, he feels betrayed. He emphasized that a small group of individuals within the company had hidden their actions and taken advantage of acquisitions, to the detriment of the group and his reputation.

Positive Second-Quarter Results

The scandal has already resulted in the dismissal of several executives, including Alexandre Fonseca, the former president of Altice Portugal, and Yossi Benchetrit, the head of procurement at Altice USA and Pereira's son-in-law.

Altice International reported positive second-quarter results, with increased revenue, EBITDA, and operational cash flow. The company aims for further growth in these areas for the rest of 2023. Drahi highlighted the company's ability to manage its debt and meet its credit obligations.

Reassuring Investors

Altice and Drahi plan to meet with investors in London and New York in September, aiming to reassure them of the company's financial stability and future prospects. Drahi expressed gratitude for the support he has received from investors throughout his career and emphasized his commitment to the success of Altice.

Words of the day

acquisitions : acquisitions

investigation : enquête