Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News November 18, 2013 at 10:25AM

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VENTURES AFRICA – South Africa’s fixed line operator, Telkom, on Monday confessed to granting its suspended CFO, Jacques Schindehutte, a R6 million ($594,000) loan, admitting this could have been in contravention of the companies act.

Telkom said the loan, whose interest is calculated at 0 percent a year, was meant to help Schindehutte buy shares in the firm.

Early last month, Telkom suspended Schindehutte, who claimed he had been offered a chance to resign before being suspended but thought doing so would not have been in line with his value system.

At the time, he told TechCentral he respected the decision of Telkom’s board to institute disciplinary hearing against him.

Telkom did not give reasons for Schindehutte’s suspension at the time.

“I am happy to be granted the opportunity to give account of my conduct and take full accountability for all my actions,” he told TechCentral at the time. “I have had the opportunity to resign to avoid a disciplinary process, but this is not congruent with my value system.”

On Monday, Telkom said it was talking to its advisers to see if the matter of this loan can be rectified or the money recouped.

Before joining Telkom, Schindehutte had been CFO at Absa, South Africa’s biggest retail bank, for many years.

He resigned from the lender shortly after the current CEO, Maria Ramos, was appointed to head the lender.

 

 

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