Altice co-founder Armando Pereira has been detained after authorities searched his home in Vieira do Minho, Braga.
The criminal investigation, which centers on suspected corruption, tax fraud, and money laundering, also led to the detention of two other individuals.
Searches were carried out at multiple locations, including the former Portugal Telecom (PT) headquarters in Lisbon—now Altice Portugal—and at the residence of Hernâni Vaz Antunes, a former senior figure in the company.
Investigators allege that Pereira, with the help of third parties, orchestrated fraudulent real estate transactions and concealed the proceeds from sales of assets, including properties formerly owned by PT.
One transaction under scrutiny involves the sale of four buildings in Lisbon for €15 million. Authorities say this deal may represent only a small portion of a much larger scheme, with suspected illicit gains potentially exceeding €250 million.
The operation deployed more than 100 officers from the Public Security Police (PSP) and nearly 50 vehicles. The Central Department of Investigation and Prosecution (DCIAP) confirmed that numerous investigative measures were taken across several regions as part of the case.
Altice, a major telecommunications group with operations in multiple countries, has seen its reputation come under scrutiny amid the allegations. The company’s shares fell following the public disclosure of the investigation, reflecting investor concern.
Prosecutors are focused on gathering documentary and financial evidence to substantiate claims of a fraudulent scheme that may have caused significant financial harm to Altice, possibly amounting to millions of euros. Authorities are searching for records and other materials they believe are essential to the case.
Armando Pereira is currently being held at the prison facility attached to the Polícia Judiciária in Lisbon and is due to appear before a judge on Friday. That hearing will allow the court to assess the evidence and decide on next steps.
As the investigation progresses, the outcome could carry substantial legal and financial consequences for those involved and for Altice if the allegations are proven. Authorities will continue to pursue leads and compile evidence to clarify the full scope of the suspected misconduct.
(Photo by Bermix Studio on Unsplash)
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