WPP Plc has sold its stake in a Zimbabwean ad agency involved in President Robert Mugabe's re-election for just $1, it has been reported.
The London-based company, ranked as the second-largest advertising company in the world, sold its 25 per cent holding in Imago Young & Rubicam in July, according to spokesman Richard Oldworth.
A senior member of management at the Zimbabwean agency was advising Mugabe in a personal capacity, WPP said in June.
"Nonetheless we want no association with this effort,'' WPP added in a statement at the time.
According to the Daily Telegraph, WPP's stake was sold to the unit's chief executive officer, Sharon Mugabe, after the company was assured she was no relation to President Mugabe.
The newspaper added that as part of the sale, the Zimbabwean unit has agreed to change its name to remove any references to Young & Rubicam
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