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Cape Town - Suspended Telkom [JSE:TKG] chief financial officer Jacques Schindehütte has repaid the controversial R6m interest-free loan, which he acquired to purchase shares in Telkom, the parastatal announced in a SENS report on Monday.
However, CEO Sipho Maseko has now been ordered to attend a corporate governance course, according to a compliance notice from the companies and intellectual property commission (CIPC).
"CIPC has notified Telkom that it believes that the company has contravened Sections 44 and 45 of the Companies Act No. 71 of 2008 as the payment of the loan was authorised prematurely and prior to the board of directors of Telkom passing the necessary precursory financial assistance resolutions."
The compliance notice requires Telkom to do the following:
- Update the commissioner of the CIPC on a monthly basis on the progress made in recovering the loan amount from Schindehütte;
- Maseko to attend a corporate governance and a director duties course within 90 business days from the date of the compliance notice; and
- Inform shareholders of the contents of the compliance notice.
"Telkom has confirmed to the CIPC that the full amount of the loan has already been recovered from Schindehütte," it said, adding that Maseko will attend a corporate governance and a director duties course.
Schindehütte, who joined the state firm in August 2011, was suspended in October 2013, pending an investigation into allegations against him that came to the board's attention through a whistleblower.
He was given the opportunity to defend himself in a disciplinary hearing.
At the time Telkom said that due protocol was not followed for the granting of the loan, resulting in the transaction being null and void. In JanuaryTelkom asked Schindehütte to repay the loan.
Investors welcomed the news of the loan repayment, sending Telkom's share price up 1.26% to R31.27 at 16:00.
- Fin24
However, CEO Sipho Maseko has now been ordered to attend a corporate governance course, according to a compliance notice from the companies and intellectual property commission (CIPC).
"CIPC has notified Telkom that it believes that the company has contravened Sections 44 and 45 of the Companies Act No. 71 of 2008 as the payment of the loan was authorised prematurely and prior to the board of directors of Telkom passing the necessary precursory financial assistance resolutions."
The compliance notice requires Telkom to do the following:
- Update the commissioner of the CIPC on a monthly basis on the progress made in recovering the loan amount from Schindehütte;
- Maseko to attend a corporate governance and a director duties course within 90 business days from the date of the compliance notice; and
- Inform shareholders of the contents of the compliance notice.
"Telkom has confirmed to the CIPC that the full amount of the loan has already been recovered from Schindehütte," it said, adding that Maseko will attend a corporate governance and a director duties course.
Schindehütte, who joined the state firm in August 2011, was suspended in October 2013, pending an investigation into allegations against him that came to the board's attention through a whistleblower.
He was given the opportunity to defend himself in a disciplinary hearing.
At the time Telkom said that due protocol was not followed for the granting of the loan, resulting in the transaction being null and void. In JanuaryTelkom asked Schindehütte to repay the loan.
Investors welcomed the news of the loan repayment, sending Telkom's share price up 1.26% to R31.27 at 16:00.
- Fin24
