Suspended Telkom CFO, Jacques Schindehütte, will retire from the Board with immediate effect, the group said on Friday.
“Telkom shareholders are referred to the announcement dated 24 October 2013 in terms of which Shareholders were advised that Mr Jacques Schindehütte has been suspended by the board of directors of Telkom, pending a disciplinary process,” Telkom said in a statement on SENS.
“Shareholders are advised that Mr Schindehütte will retire from the Board with immediate
effect. Telkom and Mr Schindehütte have agreed that Mr Schindehütte will retire with full
benefits and that the disciplinary proceedings will be discontinued,” it said.
Schindehütte faced a disciplinary hearing on a matter of personal misconduct on 6 August 2014.
Schindehütte was suspended in October 2013 after “certain allegations” against the executive came to light.
Speculation was rife that the suspension was related to a R6 million loan offered to Schindehütte by Telkom, which triggered an insider trading enquiry instituted by the JSE, but the company dismissed this.
The telco maintained that the suspension was over a matter of Schindehütte’s personal misconduct, and not claims of insider trading.
In its latest integrated report, Telkom indicated that the suspended executive took home a salary of R6 million in the 2014 financial year, but did not receive a bonus or shares.