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Clarification Note Relating to Suspension of CFO
Telkom SA SOC LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1991/0054776/30)
JSE CODE: TKG
ISIN CODE: ZAE000044897
Clarification Note Relating to Suspension of CFO
Shareholders are referred to the announcement released on the Securities Exchange News
Service of the JSE Limited (“the JSE”) on 24 of October 2013. This note is issued to
shareholders in order to clarify certain misconceptions about and to dispel speculation on
the reasons behind Mr. Schindehütte suspension.
The Board of Directors of Telkom SA SOC Limited hereby 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 trade in Telkom shares
on 30 September 2013.
The Board 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 that included an investigation, using the services of an
external law firm. 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 Board re-iterates its commitment to a fair process, conducted without favour or
prejudice.
Pretoria
25 October 2013
Sponsor
The Standard Bank of South Africa Limited
Date: 25/10/2013 12:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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