Share

Telkom cites abuse in R6m loan

Cape Town - Telkom [JSE:TKG] announced on Tuesday that it is claiming back the R6m loan from suspended chief financial officer (CFO) Jacques Schindehütte.

Schindehütte acquired the interest-free loan to purchase shares in Telkom.

He bought the shares on September 30 at R24.45 each, a regulatory filing showed.

Telkom said that due protocol was not followed for the loan, resulting in the transaction being null and void.

“The loan to Schindehütte, was granted in a manner that was inconsistent with the provisions of the Companies Act, making the transaction null and void," it said in a statement.

"The board cannot and did not ratify the granting of the loan."

Telkom said in order to correct the situation; it was obligated to claim the loan back.

The parastatal said that Schindehütte had oversight responsibility for compliance and corporate governance.
It explained that this included for the regulatory and/or administrative processes relating to the provision of loans to directors at Telkom.

"He [Schindehütte] was actively involved in the processing of this loan and personally oversaw the advancement of the payment of the loan amount to himself."

"As a director of the Company, and having now been advised that the loan was void, the CFO has a fiduciary duty to repay the loan to the company."

Telkom said it was confident that Schindehütte will repay the loan.

Telkom shares were trading down when the market closed on Tuesday. The share price fell -1.22% at R33.10.

Schindehütte, who joined the state firm in  August 2011, was suspended in October last year, pending an investigation into allegations against him that came to the board's attention through a whistleblower, Telkom said at the time.

An external law firm is investigating the allegations against Schindehütte.

Telkom CEO Sipho Maseko vowed that the probe will be fair. "We will do this fairly, without favour or prejudice," he said in a statement at the time.

 - Fin24

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.95
-0.2%
Rand - Euro
20.46
+0.0%
Rand - Aus dollar
12.36
-0.1%
Rand - Yen
0.13
-0.3%
Platinum
911.00
+1.6%
Palladium
1,008.15
+0.6%
Gold
2,217.47
+1.0%
Silver
24.78
+0.5%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders