Telkom CFO Schindehutte Retires on Full Benefits After ProbeChris Spillane and Kamlesh Bhuckory
Telkom SA SOC Ltd. Chief Financial Officer Jacques Schindehutte left the company with immediate effect following a disciplinary process.
Schindehutte, who had been suspended from South Africa’s biggest landline carrier since October, will retire from the company on full benefits, the Pretoria-based operator said in a statement today. “The disciplinary proceedings will be discontinued,” it said.
Schindehutte was suspended following the outcome of an investigation into unspecified allegations made against him. Chief Executive Officer Sipho Maseko said last year he wanted to manage the CFO’s alleged malpractice “quietly” and wasn’t keen to investigate it.
Telkom shares pared an earlier decline of 2.1 percent to trade 1.1 percent lower at 53.75 rand at the close in Johannesburg. The stock has gained 92 percent this year, the second-best performer on the FTSE/JSE Africa All-Share Index.
Schindehutte declined to comment when contacted by phone, citing a confidentiality agreement.
The CFO this year repaid a 6 million-rand ($562,000) loan from the company that was used to buy shares after the transaction was found to have breached corporate rules. Maseko was ordered by regulators to attend a director-duties course as a result of the breach, the first South African CEO to receive the punishment.