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South Africa's Telkom says suspended CFO has repaid loan
February 24, 2014 / 4:26 PM / in 4 years

South Africa's Telkom says suspended CFO has repaid loan

JOHANNESBURG, Feb 24 (Reuters) - The suspended chief financial officer of South Africa’s Telkom SA has repaid a $548,000 loan that a government watchdog said violated South African company law, the fixed-line operator said on Monday.

Telkom said last year that it loaned Jacques Schindehutte nearly 6 million rand ($548,200) to purchase Telkom shares, which the Companies and Intellectual Property Commission has since found to be in violation of sections of the country’s company law.

As a result, Telkom’s chief executive, Sipho Maseko, will be required to attend a corporate governance course, the company said.

Schindehutte was suspended last year over allegations of personal misconduct, which the company has said are not related to the loan. ($1 = 10.9455 South African rand) (Reporting by David Dolan; Editing by David Goodman)

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