South African part state-owned operator Telkom has announced suspended chief financial officer (CFO) Jacques Schindehutte has retired from the company with full benefits just days after his disciplinary process reopened.
The CFO was suspended from his position in October 2013 due to allegations of personal misconduct, though the operator has throughout insisted the allegations and disciplinary process do not relate to the controversial ZAR6 million (US$550,000) loan issued to Schindehutte by the company in order for him to buy shares, the loan having been declared unlawful and the CFO ordered to repay the full amount.
HumanIPO reported earlier this month Schindehutte’s disciplinary hearing would resume on August 6 following a “long adjournment” after it began in January, but the operator on Friday announced in a SENS release he had retired from the board with full benefits.
“Shareholders are advised that Mr Schindehütte will retire from the Board with immediate effect. Telkom and Mr Schindehütte have agreed that Mr Schindehütte will retire with full benefits and that the disciplinary proceedings will be discontinued,” Telkom said.
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