WPP plc

In September 2021, WPP plc agreed to resolve U.S. Securities and Exchange Commission charges concerning violations of the Foreign Corrupt Practices Act. The SEC found that a WPP majority-owned subsidiary in India used intermediaries to pay up to approximately $1 million in bribes to Indian government officials to obtain and retain government business, generating more than $5 million in net profit. The SEC also described improper-payment or control failures involving WPP subsidiaries in China, Brazil and Peru. The regulator found that WPP failed to maintain sufficient internal accounting controls over subsidiaries and failed to respond adequately to corruption red flags. WPP agreed to cease and desist from future violations and pay more than $19 million in disgorgement, prejudgment interest and a civil penalty. Source: U.S. Securities and Exchange Commission https://www.sec.gov/litigation/admin/2021/34-93117.pdf