{"id":51649,"date":"2014-01-14T14:30:39","date_gmt":"2014-01-14T12:30:39","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=51649"},"modified":"2014-01-14T14:52:53","modified_gmt":"2014-01-14T12:52:53","slug":"telkom-cfo-to-pay-back-r6-million-loan","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/telecommunications\/51649\/telkom-cfo-to-pay-back-r6-million-loan\/","title":{"rendered":"Telkom CFO to pay back R6 million loan"},"content":{"rendered":"

Jacques Schindehutte<\/a>, the suspended chief financial officer at Telkom<\/a>, is set to pay back a R5.96 million\u00a0loan awarded to him by the\u00a0company\u00a0in September 2013.<\/p>\n

The\u00a0company\u00a0admitted in November that the loan made to such an executive “may not have been in compliance with the provisions of the companies act”.<\/p>\n

Telkom said in a statement on Tuesday:<\/strong><\/p>\n

\u201cThe loan to Telkom\u2019s CFO, Mr Jacques Schindeh\u00fctte, was granted in a manner that was inconsistent with the provisions of the Companies Act, making the transaction null and void. The board cannot and did not ratify the granting of the loan.<\/p>\n

“Telkom therefore has an obligation to claim the loan back in order to rectify the situation.<\/p>\n

“By virtue of his position as CFO of Telkom, Mr Schindeh\u00fctte has oversight responsibility for compliance and corporate governance, including for the regulatory and\/or administrative processes relating to the provision of loans to directors at Telkom.<\/p>\n

“He was actively involved in the processing of this loan and personally oversaw the advancement of the payment of the loan amount to himself.<\/p>\n

“As a director of the company, and having now been advised that the loan was void, the CFO has a fiduciary duty to repay the loan to the company. We are confident that Mr Schindeh\u00fctte will act in the best interests of the Company and repay the loan.\u201d<\/p><\/blockquote>\n

Telkom\u00a0announced on 24 October 2013 that Schindehutte was suspended pending a disciplinary process.<\/p>\n

The group said that\u00a0his suspension “relates to allegations of personal misconduct leveled against Mr Schindeh\u00fctte and which came to the Board\u2019s attention through a whistleblower”.<\/p>\n

It is not yet clear when the\u00a0disciplinary process against Schindehutte will be completed.<\/p>\n

More on Telkom<\/h3>\n

R6 million Schindehutte loan could be illegal<\/strong><\/a><\/p>\n

Truth behind Telkom CFO suspension<\/a><\/strong><\/p>\n

Telkom CFO suspension \u2013 more info<\/strong><\/a><\/p>\n

Mystery surrounds Telkom CFO suspension<\/strong><\/a><\/p>\n

Telkom CFO Jacques Schindehutte suspended<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Jacques Schindehutte, the suspended chief financial officer at Telkom, is set to pay back a R5.96 million loan awarded to him by the company in September.<\/p>\n","protected":false},"author":10,"featured_media":4491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[26,7307,65],"class_list":["post-51649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecommunications","tag-headline","tag-schindehutte","tag-telkom"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/51649","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\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=51649"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/51649\/revisions"}],"predecessor-version":[{"id":51658,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/51649\/revisions\/51658"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/4491"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=51649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=51649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=51649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}