Telkom is yet to clarify the ‘dark matter’ surrounding the suspension of its chief financial officer, Jacques , and instead has thrown a R6m loan-for-equity matter into the mix while maintaining the two are unrelated.
As part of its financial statement for the six months ended September released today, Telkom cited a loan of about R6 million granted to Schindehütte for the purpose of buying Telkom shares. The company suggested that the loan may have been granted in circumstances that contravene the Companies Act.
This appears to be a legal slip by the company and not necessarily of Schindehütte.
In its own words the company said “Telkom’s management has recognised that the loan made to such executive may not have been in compliance with the provisions of the Companies Act and will, as a matter of urgency, take the matter under advisement from its advisers for rectification and/or recovery of the amount, should that be necessary.”
The company said “Telkom SA provided a loan of R5 997 775.43 to Mr Jacques Schindehütte to assist him to acquire shares in Telkom. Interest on the loan is calculated at 0% per annum.”
Added the company “The loan is repayable on termination of employment contract by any of the following reasons: retirement, resignation, dismissal, abscondment or medical disability. In the event of these reasons materialising the loan shall bear interest at the prime rate plus 2% per annum, calculated from the date of demand to the actual repayment, compounded monthly in arrears.”
Commenting about the suspension of Schindehütte, Telkom said “The suspension follows the findings of an investigation commissioned by the Board after certain allegations were made against Mr Schindehütte.”
The board has a duty to investigate and to test the validity of allegations, which are brought to its attention through an appropriate process, and will do this fairly, without favour or prejudice.”