WPP investigation at Finecast involves ‘finance chief and PA’

The trio of suspended employees at GroupM’s addressable TV ad-buying agency Finecast involve a finance executive and an assistant as well as CEO Jakob Nielsen, Mediatel News understands.

Multiple sources have confirmed that Nielsen has been suspended alongside Stefano Biggi, Finecast’s financial and business development director, as well as a personal assistant at the company.

The allegations, prompted by a WPP whistleblower, are believed to be financial in nature but not affecting client accounts.

GroupM, WPP’s media agency network, is yet to make a statement and did not respond to a request for comment.

The investigation was first reported by Business Insider on 13 October.

WPP’s addressable TV ad-buying agency Finecast was launched in 2017.

Latest figures from Companies House report the company made just over £90m in 2019 (up 33% year on year).

WPP CEO Mark Read hailed Finecast as a “strong business” in the company’s Q2 2021 interim financial results in August, having reported that revenue more than doubled (up 113%) in the first half of 2021.