{"id":48240,"date":"2013-10-24T14:07:10","date_gmt":"2013-10-24T12:07:10","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=48240"},"modified":"2013-10-25T09:09:05","modified_gmt":"2013-10-25T07:09:05","slug":"mystery-around-telkom-cfo-suspension","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/telecommunications\/48240\/mystery-around-telkom-cfo-suspension\/","title":{"rendered":"Mystery around Telkom CFO suspension"},"content":{"rendered":"

Shares in Telkom<\/a> fell 4% in afternoon trade on Thursday (24 October) after the group suspended its\u00a0chief financial officer, Jacques Schindeh\u00fctte<\/a>, pending a disciplinary process.<\/p>\n

Speculation for the suspension pointed to a share purchase by Schindeh\u00fctte\u00a0on 30\u00a0September,\u00a0amounting to R5.96 million at R24.45\u00a0rand\u00a0a\u00a0share.<\/p>\n

Telkom announced the dealing on 2 October, noting that “clearance has been obtained in respect of these dealings in securities on the open market.”<\/p>\n

Telkom then put out a trading statement on 8 October\u00a0advising that headline earnings per share and basic earnings per share for the six months ended 30 September 2013 were\u00a0anticipated\u00a0to to be at least 20% higher than those of the prior comparable period.<\/p>\n

In July, the group CFO also purchased 55,520 shares at an average price of R18.07 at a cost of R994,340.<\/p>\n

Schindeh\u00fctte\u00a0was not available for comment on Thursday.<\/p>\n

Bloomberg reported that\u00a0\u00a0Schindehutte’s trade has been referred to South Africa\u2019s Financial Services Board\u2019s Department of Market Abuse by the Johannesburg Stock Exchange.<\/p>\n

Telkom\u00a0statement<\/strong><\/p>\n

\u201cThe board was recently made aware of certain allegations and appointed an independent law firm to investigate them. The results of the investigation were presented to the board, and the board took professional advice about the correct way to deal with the report,\u201d Telkom said in a statement.<\/p>\n

The board was advised to suspend Schindeh\u00fctte, pending a disciplinary hearing.<\/p>\n

\u201cThe board of directors is determined to act responsibly and to uphold all governance requirements,\u201d said Telkom Group CEO Sipho Maseko<\/a>.<\/p>\n

\u201cWe have a duty to investigate and to test the validity of allegations which are brought to our attention through an appropriate process. We will do this fairly, without favour or prejudice.\u201d<\/p>\n

\u201cThe board and the company will ensure that the correct procedures will be implemented to manage this matter in a fair manner.<\/p>\n

\u201cAll our stakeholders will be informed of the outcome of the disciplinary hearing once the matter is concluded. Until then, the company is not in a position to provide more information,\u201d said Maseko.<\/p>\n

Telkom has appointed its deputy chief financial officer, Deon Fredericks<\/a>, as acting chief financial officer to ensure there is continuity in the financial management function.<\/p>\n

More on Telkom<\/h3>\n

Telkom suspends finance head Schindeh\u00fctte<\/strong><\/a><\/p>\n

Telkom appoints new CIO<\/strong><\/a><\/p>\n

Telkom undervalued: analyst<\/strong><\/a><\/p>\n

Vodacom confirms executive exit<\/strong><\/a><\/p>\n

Telkom expects jump in earnings<\/strong><\/a><\/p>\n

MTN vs Vodacom vs Telkom: how much are they really making?<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares in Telkom fell 4% in afternoon trade on Thursday after the group suspended its chief financial officer, Jacques Schindeh\u00fctte, pending a disciplinary process.<\/p>\n","protected":false},"author":9,"featured_media":17843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[26,1079,65],"class_list":["post-48240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecommunications","tag-headline","tag-jacques-schindehutte","tag-telkom"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/48240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=48240"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/48240\/revisions"}],"predecessor-version":[{"id":48336,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/48240\/revisions\/48336"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/17843"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=48240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=48240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=48240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}