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South Africa's Telkom CFO retires after last year's suspension
August 9, 2014 / 1:37 PM / 3 years ago

South Africa's Telkom CFO retires after last year's suspension

JOHANNESBURG, Aug 9 (Reuters) - The chief financial officer of South Africa’s Telkom SA, who was suspended last year over charges of personal misconduct, has resigned with full benefits, the fixed-line operator said.

Telkom, whose largest shareholder is the South African government, said last October its had suspended Jacques Schindehutte over allegations of personal misconduct brought to the board by a whistleblower.

“Telkom and Mr Schindehutte have agreed that Mr Schindehutte will retire with full benefits and that the disciplinary proceedings will be discontinued,” Telkom said in a regulatory filing late on Friday.

Schindehutte will resign with “immediate effect”, it said.

Weeks after the suspension Telkom said it had loaned Schindehutte nearly 6 million rand ($563,000) to purchase its shares.

He later repaid the loan and Telkom Chief Executive Sipho Maseko was ordered to attend a corporate governance course after a government watchdog found the loan to be in violation of South African corporate law.

1 US dollar = 10.6540 South African rand Reporting by David Dolan, editing by William Hardy

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