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Telkom recovers R6m CFO loan

Telkom CEO Sipho Maseko

Telkom CEO Sipho Maseko

24th February 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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The Companies and Intellectual Property Commission (CIPC) believed that Telkom was in contravention of Sections 44 and 45 of the Companies Act when it granted a loan to now suspended CFO Jacques Schindehutte in November.

The CIPC, in a compliance notice to the group, said the payment of the R6-million interest-free loan was authorised prematurely and prior to the board of directors of Telkom passing the necessary precursory financial assistance resolutions.

The telecommunications group noted that the loan had been fully recovered from the CFO, but group CEO Sipho Maseko had been ordered to attend a corporate governance and a director duties course within 90 business days from the date of the compliance notice.

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