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Word is about Penguin 2.0 and that's the reason to post this question and start the discussion we are having. Rankings in top 10 keywords have dropped across the board. Meaning Google, Yahoo and Bing have done so as well. I am more keen to believe it's a website issue than simply blaming it all on Penguin 2.0 here. Or simply the campaign to remove spammy links is coming through for this website alone.

Thank you for your reply! Just as I imagined, they don't pose any real issue since the healthy links will outweigh them in importance. I will inform the site owner that we should keep doing the marketing and promotional work as done so far, as Penguin did hit and rankings are almost all the same now. Thanks!