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Cape Town - Suspended Telkom [JSE:TKG] chief financial officer Jacques Schindehütte resigned from the board, following an investigation of personal misconduct.
"Shareholders are advised that Mr Schindehütte will retire from the board with immediate effect," the parastatal said in a SENS report on Friday.
It added that Schindehütte will retire with full benefits and that the disciplinary proceedings against him will be discontinued.
Schindehütte joined Telkom in August 2011 and was suspended in October 2013, pending an investigation into allegations against him that came to the board's attention through a whistleblower.
An external law firm investigated these allegations and presented it to the Telkom board and Schindehütte 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 a R6m interest-free loan, which Schindehütte acquired to purchase shares in Telkom.
The transaction was deemed null and void and in January Telkom asked Schindehütte to repay the loan. It also dismissed speculations that Schindehütte's suspension was related to insider trading.
As a result of the loan, the companies and intellectual property commission (CIPC) ordered Telkom CEO Sipho Maseko to attend a corporate governance course.
"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," it said at the time in a compliance notice.
Telkom did not say who the new CFO will be, however, deputy CFO Deon Fredericks has been in the post since Schindehütte's suspension.
Telkom shares were trading down when the market closed on Friday. The share price fell -1.86% at R53.34.
- Fin24
"Shareholders are advised that Mr Schindehütte will retire from the board with immediate effect," the parastatal said in a SENS report on Friday.
It added that Schindehütte will retire with full benefits and that the disciplinary proceedings against him will be discontinued.
Schindehütte joined Telkom in August 2011 and was suspended in October 2013, pending an investigation into allegations against him that came to the board's attention through a whistleblower.
An external law firm investigated these allegations and presented it to the Telkom board and Schindehütte 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 a R6m interest-free loan, which Schindehütte acquired to purchase shares in Telkom.
The transaction was deemed null and void and in January Telkom asked Schindehütte to repay the loan. It also dismissed speculations that Schindehütte's suspension was related to insider trading.
As a result of the loan, the companies and intellectual property commission (CIPC) ordered Telkom CEO Sipho Maseko to attend a corporate governance course.
"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," it said at the time in a compliance notice.
Telkom did not say who the new CFO will be, however, deputy CFO Deon Fredericks has been in the post since Schindehütte's suspension.
Telkom shares were trading down when the market closed on Friday. The share price fell -1.86% at R53.34.
- Fin24
