Telkom CFO ‘retires’ under a cloud
Telkom’s suspended chief financial officer, Jacques Schindehütte (pictured), is walking away from the state-owned fixed-line operator without having to go through a disciplinary process and with “full benefits”.
Telkom said on Friday that Schindehütte was “retiring”.
There was a lot of mystery surrounding Schindehütte’s suspension in October last year, which Telkom said followed the findings of an investigation commissioned by the board following allegations of personal misconduct. This followed but, according to Telkom, was not related to allegations of insider trading when he bought almost R6 million in Telkom shares (with money lent to him by Telkom) one week before Telkom issued a trading update. According to Telkom’s annual report, the loan was repaid in full in January.
The annual report also showed Schindehütte received a remuneration package of R8.4 million, which includes a salary of R6 million he received in full despite being suspended, for the period ended March 31 2014.
Schindehütte holds 298 700 shares in Telkom, valued at R15.9 million.