"Much of what has been alleged about our work is, we believe, not true, but enough of it is to be of deep concern," he added.
"There has been a social media campaign that highlights the issue of economic emancipation in a way that we, having seen it, consider to be inappropriate and offensive.
"At various points throughout the tenure of the Oakbay account senior management have been misled about what has been done.
"For it to be done in South Africa is a matter of profound regret and in no way reflects the values of Bell Pottinger.
"Though the inquiry is ongoing, we have dismissed the lead partner involved, and suspended another partner and two employees so that we can determine their precise role in what took place.
"As soon as we were made aware that we had been misled and that work was being done which goes against the very core of our ethical policies we acted immediately," Henderson stated.