Suspended Telkom CFO, Jacques Schindeh\u00fctte, will retire from the Board with immediate effect, the group said on Friday.<\/p>\n
“Telkom shareholders are referred to the announcement dated 24 October 2013 in terms of which Shareholders were advised that Mr Jacques Schindeh\u00fctte has been suspended by the board of directors of Telkom, pending a disciplinary process,” Telkom said in a statement on SENS.<\/p>\n
“Shareholders are advised that Mr Schindeh\u00fctte will retire from the Board with immediate
\neffect. Telkom and Mr Schindeh\u00fctte have agreed that Mr Schindeh\u00fctte will retire with full
\nbenefits and that the disciplinary proceedings will be discontinued,” it said.<\/p>\n
Schindeh\u00fctte faced a disciplinary hearing on a matter of personal misconduct on 6 August 2014.<\/p>\n
Schindeh\u00fctte was suspended in October 2013 after \u201ccertain allegations\u201d against the executive came to light.<\/p>\n
Speculation was rife that the suspension was related to a R6 million loan offered to Schindeh\u00fctte by Telkom, which triggered an insider trading enquiry instituted by the JSE, but the company dismissed this.<\/p>\n
The telco maintained that the suspension was over a matter of Schindeh\u00fctte\u2019s personal misconduct, and not claims of insider trading.<\/p>\n
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.<\/p>\n
Suspended Telkom CFO faces the music in August<\/strong><\/a><\/p>\n Telkom suspends finance head Schindeh\u00fctte<\/strong><\/a><\/p>\n