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Cape Town - The investigation into suspended chief financial officer Jacques Schindehütte will be without favour or prejudice, said Telkom [JSE:TKG] CEO Sipho Maseko.
Telkom suspended Schindehütte pending a disciplinary process into unknown allegations, the parastatal announced on Thursday.
It appointed an independent law firm to investigate the allegations.
“We have a duty to investigate and to test the validity of allegations which are brought to our attention through an appropriate process," said Maseko in a statement.
"We will do this fairly, without favour or prejudice," he said.
Telkom's shares plummeted after news of Schindehütte suspension, trading down 3.96% at R26.89 shortly after lunchtime.
Deputy chief financial officer Deon Fredericks was appointed as acting chief financial officer.
Schindehütte joined Telkom in August 2011. He was previously the financial director at Absa [JSE:ASA] and held various roles at Transnet.
Maseko, who was appointed in April, is attempting to right what many analysts viewed as a sinking ship.
“Our key shareholders are frustrated, our customers are frustrated and I can promise that we will not repeat the same mistakes of the past,” said Maseko at the company’s annual results presentation in June.
- Fin24
Telkom suspended Schindehütte pending a disciplinary process into unknown allegations, the parastatal announced on Thursday.
It appointed an independent law firm to investigate the allegations.
“We have a duty to investigate and to test the validity of allegations which are brought to our attention through an appropriate process," said Maseko in a statement.
"We will do this fairly, without favour or prejudice," he said.
Telkom's shares plummeted after news of Schindehütte suspension, trading down 3.96% at R26.89 shortly after lunchtime.
Deputy chief financial officer Deon Fredericks was appointed as acting chief financial officer.
Schindehütte joined Telkom in August 2011. He was previously the financial director at Absa [JSE:ASA] and held various roles at Transnet.
Maseko, who was appointed in April, is attempting to right what many analysts viewed as a sinking ship.
“Our key shareholders are frustrated, our customers are frustrated and I can promise that we will not repeat the same mistakes of the past,” said Maseko at the company’s annual results presentation in June.
- Fin24
