Telkom’s suspended chief financial officer, Jacques Schindehutte, has repaid the R6-million loan from the state-owned enterprise – and the CEO has to attend a course on corporate governance.
The Companies and Intellectual Property Commission (CIPC) issued a compliance notice relating to the granting of an interest free loan by Telkom to Schindehütte during November 2013.
The CIPS believes Telkom contravened Sections 44 and 45 of the Companies Act No 71 of 2008, as the payment of the loan was authorised prematurely and prior to the board of directors of Telkom passing the necessary precursory financial assistance resolutions.
The compliance notice requires Telkom to update the Commissioner of the CIPC on a monthly basis on the progress made in recovering the loan amount from Schindehütte. The company says the full amount has already been repaid.
In addition, Telkom’s chief executive Sipho Maseko is required to attend a corporate governance and a director duties course within 90 business days from the date of the compliance notice.
Maseko has confirmed that he will make the necessary arrangements to do so.
