By: Gugu Lourie
SOUTH AFRICA’S Telkom announced on Thursday that it has suspended its chief financial officer, Jacques Schindehütte.
The company said Schindehütte suspension is effective 24 October 2013, pending a disciplinary process.
“The suspension follows the findings of an investigation commissioned by the board after certain allegations were made against Schindehütte,” the company’s board said.
Telkom board added that it 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.
“All our stakeholders will be informed of the outcome of the disciplinary hearing once the matter is concluded. Until then, the company is not in a position to provide more information,” said Telkom CEO Sipho Maseko.
In the meantime, Deon Fredericks will be acting as chief financial officer of Telkom effective 24 October 2013 and will fulfil this role until such time as the disciplinary process against Schindehütte is concluded.
On October 2, Schindehütte bought additional shares worth more than R5.9 million as the company’s share price continue to climb and the group prepared to reveal its turnaround strategy next month.
Schindehütte acquired 243 700 ordinary shares of Telkom at R24, 45.23 cents for close to R6 million.
In July, he bought 55 000 Telkom shares worth R1 million. Chairman Jabu Mabuza spent close to R500, 000 to buy 26, 000 Telkom shares. CEO Sipho Maseko bought 52, 520 Telkom shares worth almost R1 million.
The shares of Telkom, which has a market value of more than R14 billion, has risen 112% in the past six months.
This article was first published by techfinancials.co.za which can be reached at email@example.com