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GenevaBillionaire Patrick Drahi sued by his ex-associate
Armando Pereira, co-founder of the Altice group, requests parties in several companies of the French entrepreneur.
Patrick Drahi and Armando Pereira.
AFPCivil proceedings against billionaire Patrick Drahi were initiated in July in Switzerland by his former associate Armando Pereira, AFP learned from the latter’s French lawyers.
A request for conciliation was filed on July 11 with the Geneva court of first instance. The information was confirmed by Armando Pereira’s French lawyers, the King & Spalding firm. With Patrick Drahi, Armando Pereira is the co-founder of the Altice group. He is suspected in a Portuguese corruption investigation.
The former historic partner of Patrick Drahi thus claims to have invested alongside him in several companies belonging to him, notably in certain subsidiaries of the Altice group. If the man does not own any shares in these companies, his lawyers nevertheless assert that 20% to 22% of Patrick Drahi’s shares in these subsidiaries would go to him.
Additionally, Mr. Pereira’s advice indicates that the two men jointly invested in several assets, including a private jet and a yacht. In total, the amount due to Armando Pereira could amount to at least 1.4 billion euros, according to his lawyers.
Asked by AFP, Patrick Drahi’s spokesperson indicated that he was not aware of this procedure. “Procedural posturing cannot make us forget the ongoing legal investigations for which everyone knows who the accused are (first and foremost Mr. Pereira) and the victims (Altice and Patrick Drahi),” he added.
Corruption investigation against Pereira
In August 2023, Patrick Drahi indicated during a conference that Armando Pereira did not hold any shares in Altice. However, he indicated that the man held a 20% right to his personal investments. The previous month, a vast search by the Portuguese police had led to the placement in police custody of Mr. Pereira, as part of an investigation into facts likely to involve corruption.
He is suspected of having set up a network of dubious suppliers with the aim of embezzling large sums of money via the group’s purchasing policy, which he disputes. In France, an investigation into suspected corruption relating to these same facts was opened in September 2023. The two investigations are still ongoing.
Following this scandal, Mr. Drahi said he felt “betrayed and deceived by a small group of individuals”. Several executives within the Portuguese and American subsidiaries of Altice then left the group.
(afp)
