{"id":53791,"date":"2014-03-02T12:30:03","date_gmt":"2014-03-02T10:30:03","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=53791"},"modified":"2014-03-02T18:17:50","modified_gmt":"2014-03-02T16:17:50","slug":"telkom-ceo-angry-over-cipc-sanctions","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/telecommunications\/53791\/telkom-ceo-angry-over-cipc-sanctions\/","title":{"rendered":"Telkom CEO angry over CIPC sanctions"},"content":{"rendered":"

Sunday Times has reported that Telkom<\/a> CEO Sipho Maseko<\/a> has hit back at the Companies and Intellectual Property Commission (CPIC) which gave him a grilling last week.<\/p>\n

The CIPC questioned Maseko’s ability to head a listed company, and ordered Maseko to attend a course on corporate governance and directors\u2019 duties within 90 days.<\/p>\n

Maseko hit back saying: “It was [probably] some small-time bureaucrat trying to shake his weight around. It\u2019s a very bad compliance notice. It was badly arrived at. It\u2019s procedurally unsound.”<\/p>\n

The spat revolves around a dubious September 2013 loan of R5.96 million awarded to now-suspended Telkom CFO, Jacques Schindeh\u00fctte.<\/a><\/p>\n

The commission also ordered Telkom to recover the loan from Schindeh\u00fctte, although this demand was moot since this had already been done in January 2014.<\/p>\n

Schindeh\u00fctte used the loan to buy 243,700 Telkom shares at R24.45 each on 30 September 2013, a day before the company went into a closed period, preventing trading by those with market sensitive information until the end of November 2013.<\/p>\n

Telkom CEO Maseko and chairman Jabu Mabuza approved the loan. A week after Schindeh\u00fctte’s share purchase, Telkom issued a statement saying headline earnings for the six months to September were expected to be 20% higher than the previous corresponding period. The company’s share price rose in response, raising questions about the timing of the events.<\/p>\n

Maseko admitted in November that the loan made to Schindeh\u00fctte \u201cmay not have been in compliance with the provisions of the companies act\u201d.<\/p>\n

Maseko previously said that Telkom\u2019s disciplinary hearing involving suspended CFO Schindeh\u00fctte has been a major distraction for the company<\/a>. Maseko is trying to lead a recovery for the company, having to correct years of blunders and restore value to shareholders.<\/p>\n

The details of Schindeh\u00fctte’s suspension have not been made public. Maseko clarified that Schindeh\u00fctte\u2019s suspension had nothing to do with fraud, inappropriate sexual conduct, or his management style.<\/p>\n

Further speculation that it was to do with the hiring of an investor relations manager outside of due process has been tempered with the fact that former CEO Pinky Moholi authorised that appointment.<\/p>\n

This past week, Maseko said that Schindeh\u00fctte was not blameless, with the CEO saying that when he approves an idea he expects correct processes to be followed. “[Schindeh\u00fctte] failed in that” said Maseko.<\/p>\n

Source: Sunday Times (2 March 2014)<\/h6>\n

More Telkom news<\/h3>\n

Stop hurting South Africa: Telkom CEO to Vodacom, MTN<\/a><\/strong><\/p>\n

MTN, Telkom Mobile network sharing deal here soon: report<\/a><\/strong><\/p>\n

Telkom ADSL speed increase update<\/a><\/strong><\/p>\n

Telkom moves on VOD plans<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Telkom CEO Sipho Maseko has hit back at the Companies and Intellectual Property Commission which gave him a grilling last week<\/p>\n","protected":false},"author":10,"featured_media":50233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[7539,26,1079,2414,65],"class_list":["post-53791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecommunications","tag-cpic","tag-headline","tag-jacques-schindehutte","tag-sipho-maseko","tag-telkom"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/53791","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=53791"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/53791\/revisions"}],"predecessor-version":[{"id":53794,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/53791\/revisions\/53794"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/50233"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=53791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=53791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=53791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}