The National Financial Prosecutor’s Office is conducting a series of searches

“More than 14 million euros” were confiscated from bank accounts, “as well as luxury vehicles and objects,” said the public financial prosecutor, Jean-François Bohnert.

Around thirty homes and companies in France were searched simultaneously on Tuesday, November 18, as part of a corruption investigation surrounding the Altice group, SFR’s parent company, said the financial prosecutor general, Jean-François Bohnert. “This coordinated action aims to recover evidence that is useful for continuing the investigation,” underlined the Chief National Financial Prosecutor (PNF) in his press release. When asked by AFP, Altice declined to comment.

Total, “more than 14 million euros” confiscated from bank accounts, “as well as luxury vehicles and objects”.“More than 70 investigators” mobilized and “several searches were carried out simultaneously targeting fifteen houses and fourteen companies located in Ile-de-France, Corsica, Var and Vosges”added Jean-François Bohnert.

Investigators from the Central Agency for the Eradication of Corruption and Financial and Tax Crimes as well as Investigators from the Directorate General of Police have been working since 2023. “about a widespread corrupt system for acts characterized in particular as private corruption, organized gang fraud and organized gang money laundering, to the detriment of the Altice group”the judge recalled. It opened two months after the arrest of Armando Pereira, the right-hand man of French businessman Patrick Drahi, Altice France’s largest shareholder, by Portuguese authorities.

“This complex system would be based on a network of shell companies placed between Altice and certain suppliers, allowing for excessive charging of services and goods. The funds obtained would then trigger a laundering mechanism involving structures based in France and abroad, in the interests of the main initiators of this system.”added the financial prosecutor, confirming the information from World.

The group, which has been no longer listed on the stock exchange since 2021, has experienced difficulties for several years, especially regarding large debts and a corruption scandal involving Armando Pereira.