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Telkom Suspends CFO Following Outcome of Board Investigation

Oct. 24 (Bloomberg) -- Telkom SA SOC Ltd. said Chief Financial Officer Jacques Schindehutte was suspended following the outcome of an investigation into unspecified allegations made against him.

“The suspension follows the findings of an investigation commissioned by the board after certain allegations were made against Mr Schindehutte,” Africa’s largest fixed-line operator said in a statement today. “The board has a duty to investigate and to test the validity of allegations which are brought to its attention.”

Telkom shares fell as much as 4.6 percent, the most since Aug. 15, and traded 2.5 percent lower at 27.29 rand as of 11:49 a.m. in Johannesburg.

“The board of directors is determined to act responsibly and to uphold all governance requirements,” Telkom Chief Executive Officer Sipho Maseko said in a separate e-mailed statement. The company isn’t in a position to provide further information, he said.

Schindehutte will be replaced by Deon Fredericks until a disciplinary process against him is completed, Telkom said. The Pretoria-based company said on Oct. 8 its first-half earnings rose more than 20 percent because of lower finance costs.

To contact the reporter on this story: Christopher Spillane in Johannesburg at cspillane3@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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