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Telkom has noted speculation that the suspension of the CFO, Jacques Schindehütte, announced on 24 October 2013, may be related to the purchase of shares made by the CFO on 30 September 2013.
Telkom confirms that there is no connection whatsoever between the suspension of Mr Schindehütte and the Insider Trading enquiry instituted by the JSE in relation to Mr Schindehütte's trade in Telkom shares on 30 September 2013.
Telkom further confirms that the suspension has no connection with and will not have an impact on the financial performance of the Company.
The suspension relates to allegations of personal misconduct levelled against Mr Schindehütte and which came to the Board's attention through a whistleblower.
The Board initiated a process which included an investigation, using the services of an external law firm. As part of the process, Mr Schindehütte was given an opportunity to respond to the allegations. The findings of the external law firm as well as its recommendations were presented to the Board and these were carefully considered. The decision to suspend Mr Schindehütte was taken after obtaining legal advice.
Mr Schindehütte was served with a letter of suspension in which Telkom clearly sets out the allegations levelled against him and to which he is required to respond. The disciplinary hearing will proceed as soon as possible. Stakeholders will be informed of the outcome of the disciplinary hearing once the board has had time to consider the findings.
The Board re-iterates its commitment to a fair process, conducted without favour or prejudice.
Pynee Chetty Senior Specialist: Media Relations Group Communication Tel:+27 12 642 1716 Mobile: +27 81 389 7874 Email: chettpr2@telkom.co.za |
OR |
Leigh-Ann Francis Specialist: Media Relations Group Communication Tel: +27 12 642 1728 Mobile: +27 81 391 4780 Email: francilm@telkom.co.za |
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Telkom is a leading communications services provider in South Africa. We had consolidated operating revenue of R16.8 billion and normalised profit after tax of R1, 683 million for the period ended 30 September 2015. Total assets amounted to R41.9 billion and equity attributable to the owners of Telkom to R23.5 billion as of 30 September 2015. The group generated normalised free cash flow of R1.4 billion for the period ended 30 September 2015.
As of 30 September 2015, we had approximately 3.3 million telephone access lines in service and 1,030,441 ports connected via MSAN access. We offer business, residential and payphone customers a wide range of services and products, including:
Convergence is one of our key strategic initiatives in building a sustainable future for Telkom. We will lead the provision of converged services in South Africa in support of our mission statement: Seamlessly connecting people to a better life.