Telkom SA suspends CFO
24 October 2013 |
South Africa's Telkom SA has suspended its CFO due to unspecified allegations being made against him, the company announced today.
Jacques Schindehutte has been suspended as of Thursday October 24, and will be temporarily replaced by Deon Fredericks until a disciplinary proceeding is completed.
"The suspension follows the findings of an investigation commissioned by the board after certain allegations were made against Mr. Schindehutte," a statement from Telkom SA read.
"The board has a duty to investigate and to test the validity of allegations which are brought to its attention through an appropriate process, and will do this fairly, without favour or prejudice."
Investors in the company are concerned that Schindehutte’s suspension will be a setback for the company whose shares fell more than 3% following the news.
Telkom SA has been struggling against strong competition from rival operators in the region, MTN Group and Vodacom, for several years and Sipho Maseko is the company’s sixth CEO since 2005.
Maseko, however, has seen the company’s shares more than double over the last six months and Telkom SA expects a 20% increase in its first half earnings next year.
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