Bell Pottinger’s second-largest shareholder has walked away from the business by writing off its investment and handing back its stake to the struggling PR firm.
Chime, co-owned by US investment firm Providence Equity Partners and Sir Martin Sorrell’s WPP group, has given up trying to sell its 27% holding after a scandal over a Bell Pottinger campaign in South Africa severely damaged the agency. On Monday, the British PR trade body expelled Bell Pottinger from its ranks after the firm orchestrated a campaign to stir up anger about “white monopoly capital” and “economic apartheid” for one of South Africa’s wealthiest and most controversial families.
Anyone being following this story? What a bunch of tossers.
The wealthy Gupta family made money out of this, inciting racial hatred to stir things up. Totally disgusting. Their PR firm wanted to stir up racial hatred against the white minority by sending incendiary tweets.
Hopefully this company will now go out of business.