Telkom CFO ‘re­tires’ un­der a cloud

CityPress - - Business - MAMELLO MASOTE mamello.masote@city­press.co.za

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.

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