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Suspended Telkom CFO hearing set for August

Suspended Telkom CFO Jacques Schindehütte will face a disciplinary hearing on a matter of personal misconduct on 6 August 2014.

This follows a long adjournment of the issue, which was agreed to by both Telkom and the executive.

Schindehütte was suspended in October 2013 after “certain allegations” against the executive came to light. Speculation was rife that the suspension was related to a R6 million loan offered to Schindehütte by Telkom, but the company dismissed this as the case.

The telco maintained that the suspension was over a matter of Schindehütte’s personal misconduct, and not claims of insider trading.

In a statement issued on Wednesday (30 July), Telkom said that the disciplinary process is confidential and would not be commenting on any aspect relating to the hearing until an outcome has been reached.

“Telkom is committed to following the correct principles and processes to ensure that the hearing is conducted in a fair and dignified manner which meets all legal and governance requirements,” the telco said.

“The outcome of the hearing will also follow the prescribed Board processes, before being communicated publicly. In the interests of transparency Telkom is committed to communicating the outcome once all required legal and governance processes have been followed.”

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.