NAIROBI, Kenya, Sep 1 – Marketing and Communications company, WPP- ScanGroup has cleared former Chief Executive Officer Bharat Thakrar and former Chief Finance Officer Satyabrata Das who were accused of gross misconduct and possible offenses in their capacity as senior executives and employees of the company.
The board of directors had suspended the employment of the duo on February 18 to allow for an investigation into the allegations.
Upon concluding the probe, the firm said it found no incriminating evidence without releasing the report on the concluded investigations of the two former employees.
“The investigation did not identify items of material nature that required adjustments to the results of the company or the group for the year ended December 31 2020 or to the balance sheets at that date,” reads the statement.
The firm released financial results for the year ended 2020 after a three-month delay, it had initially requested more time to determine whether the investigations could reveal information altering its financial statements.
It reported a loss of Sh1.7 billion compared to Sh158.8 million registered in a similar period in 2019.
In the period under review, the group revenue from continuing operations declined by 22 percent to stand at Sh2.2 billion.
The group’s company secretary Winnie Jumba through a statement said the group made a net gain of Sh2.2 billion from the sale of its interest in Millward Brown East Africa Limited, Millward Brown Nigeria Limited, Millward Brown West Africa Limited, and Research and marketing Group Investment in June 2020.
“These companies represented a significant part of the group and this disposal therefore materially affects the results of the Group,” said Jumba.
At the same time, total billings for the year stood at Sh6.3 billion from Sh9.3 billion it recorded in 2019 while administrative expenses increased by 26 percent from Sh720 million to Sh3.5 billion.
Total comprehensive income for the year amounted to Sh357million, a decline of Sh105 million compared to 2019.WPP-Scan group is a subsidiary of WPP company and is listed on the Nairobi Securities Exchange.