Schindehütte was given an interest-free loan at the end of September last year to buy Telkom shares‚ three weeks before he was suspended for allegations related to personal misconduct. But in November‚ Telkom said it has recognised that the loan made to such executive may not have been in compliance with the provisions of the Companies Act.
At the time the company said the loan was granted as part of the share incentive scheme shareholders had approved.
Telkom said the loan was granted in a manner that was inconsistent with the provisions of the Companies Act‚ making the transaction null and void. The board cannot and did not ratify the granting of the loan.
Telkom said Schindehütte was actively involved in processing the loan and personally oversaw the advancement of the payment of the loan amount to himself.
"By virtue of his position as chief financial officer‚ Schindehütte had oversight responsibility for compliance and corporate governance‚ including those aspects related to the regulatory and/or administrative processes for the provision of loans to directors at Telkom‚" the company said.
Telkom said as a director of the company‚ and having now been advised that the loan was void‚ Schindehütte had a fiduciary duty to repay the loan.
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