WPP Fined $26 Million For Alleged “Bribery” & “Corruption” Dating Back Eight Years
WPP has agreed to pay a $US19 million ($A26 million) fine to America’s Securities and Exchange Commission (SEC) relating to bribery allegations and accounting controls for its subsidiaries in Brazil, China, India and Peru.
The offences pre-date the current management headed by CEO Mark Read, with some dating as far back as 2013. Sir Martin Sorrell, who lead the company at the time, has not commented on the charges.
The world’s largest media company did not admit or deny allegations that it violated provisions of the Foreign Corrupt Practices Act but agreed to pay the penalty all the same.
In total, the fine comprises $10.1 million ($A13.9 million) in disgorgement, $1.1 million ($A1.5 million) in prejudgment interest and an $8 million ($A11 million) penalty.
SEC found that WPP failed to ensure that its overseas subsidiaries it had acquired implemented its internal accounting controls and compliance policies.
In its findings, SEC said WPP “implemented an aggressive business growth strategy” which failed to ensure local advertising agencies met its own accounting standards.
It added: “The order finds that WPP failed to ensure that these subsidiaries implemented WPP’s internal accounting controls and compliance policies, instead allowing the founders and CEOs of the acquired entities to exercise wide autonomy and outsized influence.”
For its part, WPP has said it has since changed its business practices.
In a statement, the company said: “As the Commission’s Order recognises, WPP’s new leadership has put in place robust new compliance measures and controls, fundamentally changed its approach to acquisitions, cooperated fully with the Commission and terminated those involved in misconduct.”
Please login with linkedin to comment
Mark Read Securities and Exchange Commission sir martin sorrell WPPLatest News
Spinal Life Encourages Australians Living With Disability to “Take Life Back” In First Campaign Via 10 Feet Tall
Queensland-based non-profit Spinal Life has released its first brand campaign in partnership with Melbourne creative agency 10 Feet Tall.
Edward Macaulay Joins Emotive as Senior Art Director
Independent Creative Agency, Emotive, today announces the appointment of Edward Macaulay as Senior Art Director, further strengthening its Creative Collective.
Tinkerbell Is Putting Vegemite On Pizza
Over the years, VEGEMITE has been largely misunderstood across the globe, with Aussies often having to defend the spread and detail exactly “how to” best enjoy the stuff. But as it turns out, Australians have been getting it wrong this whole time! VEGEMITE and Thinkerbell ventured to food mecca New York to recruit Brooklyn Master […]
Levelling Up And Up: Tales From An ANZ Marketing Graduate
In this guest post, Dalal Nasser, graduate at ANZ, explains the challenges of starting a career in marketing in the COVID environm
Subway Makes Return To High Seas With ‘Sink A Sub’ Battleship Game
Subway has this week, officially launched its digital game Sink A Sub, with the first $10,000 prize already being awarded to a lucky recipient in Queensland. Subway’s Sink A Sub game is a user-friendly experience based on the infamous naval war board game Battleship. It was successfully launched for the first time in 2020 as […]
NITV Appoints Peter Noble To General Manager
National Indigenous Television (NITV) has announced the appointment of Peter Noble as general manager, to support the continued growth and evolution of the channel dedicated to First Nations voices and perspectives. Noble (pictured) a proud Girramay and Bandjin man, joins NITV with more than 20 years’ experience in the media industry, working across content disciplines […]
Donald Trump Set To Launch His Own Social Media Platform TRUTH Social
Donald Trump announces plans for his own social media platform. Melina to offer tips on how to look perennially sour.
Facebook Trademarks Names In Australia As Rumours Of A Rebrand Mount!
If you were to rank tech billionaires on hair, it'd go Musk, Zuckerberg, Gates, Bezos. Honourable mention Cannon-Brooks.
Nine Radio Network Records 11.07 Million Streams For September
These radio numbers certainly prove a renaissance in 'old media'. Then you only need look at the recent Hey Hey reunion.
Queen Of Aussie Pop Culture Abbie Chatfield Signs Podcast Deal With LiSTNR
Reality TV star, influencer and unabashed over-sharer Abbie Chatfield has signed with SCA to bring her hugely popular and fiercely candid podcast, It’s A Lot to Australia’s biggest audio content creator – LiSTNR. Chatfield’s never been afraid to call out bad behaviour or tell it like it is. And that’s just what people love about […]
Cheetah Digital Announces Major CM Group Merger
CM Group, a portfolio of martech companies focused on multichannel digital marketing, today announced its merger with Cheetah Digital under the CM Group name. The merger expands and enhances both CM Group’s and Cheetah Digital’s ability to deliver innovative email, omnichannel, personalization, and loyalty solutions. The combined company will own a broad array of technologies […]
Thursday TV Wrap: Gogglebox Wins Entertainment War, Growing Audience From Last Week
Gogglebox is always wholesome Thursday night fun. And certainly more wholesome than the pub's 'porn & prawn' night.
The OG Wiggles Are Guest Programming Iconic Music Show rage
The Wiggles set to program iconic music show rage & enabling fans to re-visit their 25-year hatred of The Cockroaches.
German Finance Reporter Hilariously Trolled By Cheeky Son During Live Cross
Here's one of those fun Friday stories B&T likes to run. Not like on our maudlin Mondays or our tumultuous Tuesdays.
Smart Accelerates CTV Growth Ambitions Via Publica Partnership
Independent ad tech platform Smart has announced a new partnership with connected TV (CTV) ad platform Publica to accelerate its growth ambitions. The integration is a major step in Smart’s commitment to building a scaled, vertically-integrated TV advertising platform for media buyers and sellers following its recent acquisition of global premium CTV demand-side platform (DSP) […]
TV News Network Calls In The Police After Mistakenly Playing Porn Instead Of The Weather Report
Thanks to the overuse of pixillation, this article seamlessly moves from extreme NSFW to mere gentle reprimand from HR.
The Hallway Extends Work With Streamotion, Creating Name And Brand Identity For News Streaming Service Flash
B&T is loving the new 24-hour news site Flash. And we will be loving it right up to the end of our four-week free trial.
ID Collective Snares Sportsgirl Account
B&T's editor is a huge Sportsgirl fan. Which is rather strange, because he's not particularly sporty.
Good Weekend Celebrates The World Reopening With Special ‘52 Weekends Away’ Edition
Good Weekend's '52 Weekends Away' allows you to spend the same on two-nights that'd get you flights and a week in Bali.
Edge Creates First Local Campaign For Nevro, “I Am Not My Pain”
Independent creative agency Edge has launched Nevro’s first local campaign, “I am not my pain”. Nevro is a medical technology company offering innovative solutions to chronic pain. Their HFX therapy has been available in Australia since 2011 and is a form of spinal cord stimulation (SCS), where an electrical device is implanted surgically near the […]
Dishing The Dirt On 10’s Upfronts With Beverley McGarvey & Rod Prosser
B&T has gone right to the coalface to get the lowdown on 10's Upfronts here. So expect a bit of the 'black lung' too.
“We’ve Got Massive Goals”: Meet The Foundation Working To Support NSW’s Most Vulnerable Women
As much as we love a porn weather story, B&T loves nothing more than reporting on bold initiatives like this one.
Seven Appoints Tara Carlon As Executive Producer Of Digital/Sport
Tara Carlon now left with few excuses in the office footy tipping comp after being named Seven's EP of digital/sport.
Apparent Tunes Up With Sydney Symphony Orchestra After Being Appointed Media Agency Of Record
B&T loves a bit of the Sydney Symphony. Although we have to admit we don't know our overtures from our virtuosos.
Bundaberg & Leos Enlist Comic Becky Lucas To Celebrate The Pubs Reopening
B&T is definitely celebrating the pubs reopening, and that's despite spending most of lockdown pissed.
Burberry Dazzles In Spectacular Spot As Models Literally Take To The Air
Burberry once again chasing the Millennials in spunky new work. Begrudgingly holding on to that whole beige/check thing.
IPG Unveils “Remarkable” 15% Q3 Growth
With COVID behind it and no gigantic meteors on the horizon, Interpublic predicting healthy growth into 2022.
Why Facebook’s Metaverse Will Transform Marketing As We Know It
Metaverse all set to usurp cookieless as the most overused word in the media and marketing industries.
NGINX Launches Parodic “Investigative Reporter” Campaign Via The Misfits
As a disclaimer, The Misfits is also the publisher of B&T. Proof we're both omni-dimensional & gluten strategic.
Pinterest Announces New Tools, Features and Experiences For Users
Pinterest has introduced a new suite of creator and Pinner products and experiences globally, as the platform continues to evolve to become home for the next generation of creators. At its second annual Pinterest Creators Festival, featuring Megan Thee Stallion and Storm Reid. Pinterest creators Kerin Rose Gold, Wendy’s World, Henri Purnell, Carolina Gelen and […]
