Patrick Drahi: the owner of Altice is one of BES former clients who suffered losses

  • ECO News
  • 6 June 2017

Patrick Drahi's name came up in BES' liquidation process: he is claiming the reimbursement of the investment he made in bonds of the bad bank through a Swiss court.

Patrick Drahi, founder and owner of Altice, is part of the list of former BES clients. The name of the French businessman is found in the liquidation process of BES, which is being taken care of by Lisbon’s Commercial Court.

In question is a personal investment made many years ago in bonds issued by the BES group, according to the Portuguese newspaper Jornal de Negócios who spoke to a source close to the process. There is no disclosure of an amount, the precise year or what was exactly the investment; it is also unknown whether or not this investment concerned senior or subordinated bonds.

Patrick Drahi, who holds the majority of Altice’s capital — the group who owns PT Portugal (Meo) –, comes up in the process through a collective action which the businessman handed over to a trustee. The reimbursement is being claimed through a Swiss court.

The French businessman is, therefore, part of a list of 22,900 credit claims which are so far a part of the liquidation process of BES, the bank whose capital shortfall was 5.6 billion and whose assets and liabilities are now considered toxic.

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