{"id":53575,"date":"2014-02-24T17:38:13","date_gmt":"2014-02-24T15:38:13","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=53575"},"modified":"2014-02-24T17:38:13","modified_gmt":"2014-02-24T15:38:13","slug":"cipc-to-keep-tabs-on-telkom-over-schindehutte","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/telecommunications\/53575\/cipc-to-keep-tabs-on-telkom-over-schindehutte\/","title":{"rendered":"CIPC to keep tabs on Telkom over Schindeh\u00fctte"},"content":{"rendered":"<p>Telkom says it has received a Compliance Notice from the\u00a0Companies and Intellectual Property Commission (CIPC) relating to its\u00a0interest free loan granted to suspended chief financial officer, <a title=\"Jacques Schindeh\u00fctte\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/3315-Jacques-Schindehutte\">Jacques Schindeh\u00fctte<\/a>.<\/p>\n<p>Schindehutte was granted a loan of $538,000 by Telkom in September 2013, to buy shares in the group.<\/p>\n<p>He has since been ordered to pay that money back, after the company admitted that the loan \u201cwas granted in a manner that was inconsistent with the provisions of the Companies Act, making the transaction null and void\u201d.<\/p>\n<p>In a statement on SENS on Monday (24\u00a0February), Telkom advised that the\u00a0CIPC has notified the group that it believes that the Telkom contravened Sections 44\u00a0and 45 of the Companies Act No. 71 of 2008 &#8220;as the payment of the Loan was\u00a0authorised prematurely and prior to the board of directors of Telkom passing the necessary\u00a0precursory financial assistance resolutions&#8221;.<\/p>\n<p>The compliance notice requires Telkom to do the following:<\/p>\n<ul>\n<li>Update the Commissioner of the CIPC on a monthly basis on the progress made in\u00a0recovering the loan amount from Mr J Schindeh\u00fctte;<\/li>\n<li>Mr S Maseko to attend a corporate governance and a director duties course within 90\u00a0business days from the date of the Compliance Notice; and<\/li>\n<li>Inform shareholders of the contents of the Compliance Notice.<\/li>\n<\/ul>\n<p>Telkom said it has confirmed to the CIPC that the full amount of the loan has already been<br \/>\nrecovered from Schindeh\u00fctte.<\/p>\n<p>&#8220;Maseko has noted the directive to attend a corporate governance and a director duties\u00a0course and shall make the necessary arrangements to attend such training within the\u00a0stipulated timeframe,&#8221; the group said.<\/p>\n<p>The fixed-line operator suspended Schindehutte in October, pending its disciplinary process over allegations against him. It has said that the suspension was related to personal misconduct, not insider trading.<\/p>\n<p>In a recent interview with Bloomberg,\u00a0<a title=\"Jacques Schindeh\u00fctte\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/3315-Jacques-Schindehutte\">Schindeh\u00fctte<\/a>\u00a0defended his conduct in procuring an interest-free loan, rejecting the company\u2019s claims that he authorized it himself.<\/p>\n<p>\u201cThe board cannot and did not ratify the granting of the loan,\u201d Telkom said in a statement on January 14. \u201cHe was actively involved in the processing of this loan and personally oversaw the advancement of the payment of the loan amount to himself,\u201d it said.<\/p>\n<p>According to email correspondence seen by Bloomberg however, it was revealed that Telkom\u2019s chairman and head of its remuneration committee \u201csupported the granting of the loan\u201d.<\/p>\n<p>\u201cIt would be unheard of to suggest that I had any influence in granting my loan because the decision was there for HR and the group CEO to make,\u201d Schindehutte said.<\/p>\n<p>\u201cI\u2019ve acted totally appropriately with regard to this loan and I followed the normal process, which includes seeking the authority of my superior manager.\u201d<\/p>\n<h3 class=\"my-4\">More on Telkom<\/h3>\n<p><a title=\"Telkom suspends finance head Schindeh\u00fctte\" href=\"http:\/\/businesstech.co.za\/news\/telecommunications\/48226\/telkom-suspends-finance-head-schindehutte\/\"><strong>Telkom suspends finance head Schindeh\u00fctte<\/strong><\/a><\/p>\n<p><a title=\"CFO speaks out against Telkom\" href=\"http:\/\/businesstech.co.za\/news\/telecommunications\/52295\/cfo-speaks-out-against-telkom\/\"><strong>CFO speaks out against Telkom<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Telkom says it has received a Compliance Notice from the CIPC relating to its interest free loan granted to suspended CFO, Jacques Schindeh\u00fctte,.<\/p>\n","protected":false},"author":9,"featured_media":4491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[21],"tags":[25,1079,65],"class_list":["post-53575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecommunications","tag-active","tag-jacques-schindehutte","tag-telkom"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/53575","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=53575"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/53575\/revisions"}],"predecessor-version":[{"id":53578,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/53575\/revisions\/53578"}],"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=53575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=53575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=53575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}