SFO examines role director played

Last updated 05:00 27/01/2013

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The Serious Fraud Office is investigating the role Glenda Mary Wynyard played as a director of media buying agency the Media Counsel, which went into liquidation in 2010 owing nearly $2.5 million to creditors.

The SFO said it has evaluated a complaint from the liquidators, McDonald Vague and commenced a formal investigation in May last year.

McDonald Vague issued its latest report on the Media Counsel this month. It says the liquidators have filed an unsecured creditors claim with the Official Assignee as Wynyard was adjudicated bankrupt in August 2010.

"The liquidators are also pursuing other avenues against trusts and other parties that benefited directly from the company," it says.

Ninety-seven unsecured creditors are owed nearly $2.2m, according to the liquidators.

The report reiterated statements made in earlier reports that the liquidators have concluded "that the reason for the company's failure lies solely with the director's action of removing funds from the company to fund her lifestyle".

Wynyard is now living and working in Sydney.

"I have no idea where they [the SFO] are at and have co-operated all the way through," she said when contacted at media agency Chaos Media last week.

In her LinkedIn profile Wynyard describes herself as an "independent mentor" at Chaos Media and she told Fairfax she is an employee of that business. "I just work here," she said.

Wynyard was made redundant after leading McCann Universal in 2006, and reportedly took many clients with her when she founded the Media Counsel.

After the company's failure, she responded to criticism on the stoppress.co.nz website.

In a post dated February 10, 2011, she wrote she was "dismayed and distressed by the misinformation that is being fed into the various industry websites" and sought to rectify these. She said staff were told they would be paid as part of the liquidation process.

Wynyard also defended a $2.4m "shareholder loan" saying this referred to her shareholder's account "which is overdrawn". She wrote she "could have walked away with literally millions" but didn't.

"I have literally walked away with very little to show for my efforts ..."

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- © Fairfax NZ News

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