Telkom denies CFO suspended due to stock ownership issues

Telkom denies CFO suspended due to stock ownership issues

South African part state-owned operator Telkom has said the suspension of the company’s chief financial officer (CFO) relates to alleged personal misconduct, not the finances of the operator or stock ownership issues.

Responding to speculation today, Telkom said Jacques Schindehütte’s suspension, reported yesterday by HumanIPO, is not related to his acquisition of Telkom shares at the end of September, nor does the alleged misconduct have anything to do with the company’s finances.

“The suspension relates to allegations of personal misconduct levelled against Mr Schindehütte and which came to the Board’s attention through a whistleblower,” Telkom said.

The operator said the suspension will not impact at all on the company’s business or financial situation, but that the decision was taken based on the legal advice of an external law firm.

Schindehütte is suspended for the duration of a disciplinary process against him, with Deon Fredericks named acting CFO until the outcome of the enquiry.

“Mr Schindehütte was served with a letter of suspension in which Telkom clearly sets out the allegations levelled against him and to which he is required to respond. The disciplinary hearing will proceed as soon as possible. Stakeholders will be informed of the outcome of the disciplinary hearing once the board has had time to consider the findings,” Telkom said today.

Posted in: FeaturedTelecoms

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