Patrick Drahi Addresses Corruption Scandal

Patrick Drahi, the owner and CEO of telecoms group Altice, addressed investors on Monday regarding the ongoing corruption investigation surrounding Altice International. The billionaire Franco-Israeli businessman expressed his shock and disappointment at the allegations, stating that if they prove to be true, he feels betrayed. Drahi emphasized that a small group of individuals may have hidden their actions and taken advantage of the company's acquisitions, damaging both the group and his reputation. This is the first time Drahi has spoken publicly since 2017, when Altice experienced a significant drop in stock value.

Altice Takes Action to Address Scandal

In response to the investigation, Altice has taken immediate action. The company has launched an independent audit and suspended payments to the suppliers involved in the alleged corruption. Drahi assured investors that the scandal would have no impact on Altice International's finances and forecasts. Despite the ongoing challenges, Altice International reported positive results for the second quarter of 2023, with increased revenue and operating cash flow. The company also outlined its objectives for the remainder of the year, aiming for growth in revenue and operating cash flow at constant exchange rates.

Drahi's Future Plans and Confidence in Altice

Looking ahead, Drahi is scheduled to speak to the financial community of Altice France, the parent company of SFR, BFM TV, and RMC, on Tuesday. The sale of data centers in France and the potential sale of Altice France's media division, which includes BFMTV and RMC, may be discussed during the conference. The French business community is watching closely to see if Drahi will face a similar fate as Jean-Charles Naouri, who recently announced his departure from Casino due to financial difficulties.

Words of the day

Acquisitions : Acquisitions

Corruption : Corruption