NOT GOOD ENOUGH
Telkom* has announced that suspended CFO Jacques Schindehütte has retired from the company and that the disciplinar y proceedings against him have been discontinued. This leaves me speechless. We rally against corruption, nepotism and get-out-of-jail-free cards in the Government space (and rightly so). Yet here we have as bad an example of sweeping an issue under the carpet as we will f ind anywhere. Whether Schindehütte was guilty of whatever he was alleged to have done (and we have no idea what the claim was), it surely needs to be investigated? Shareholders have a right to not only know the offence but also whether he is guilty or not. Instead, we get a bland Sens saying that the company simply made it go away by giving him full retirement. That’s just not good enough. of people. Those who would want to sell and get out, those who have been short and want to buy back the shares in order to lock in profits and, lastly, those who just want to take a punt on the share. Collapsing shares are a part of markets and while the African Bank collapse exceeds anything I have seen in over two decades, markets must be allowed to collapse. To this end, the JSE implements volatilit y auctions if a share falls or rises by a certain band during the day in an attempt to smooth the collapsing process. * The writer owns shares in Telkom and Coronation.