Telkom boss attends governance course


Johannesburg - Sipho Maseko, chief executive officer of Telkom, has completed a corporate governance course after Africa’s biggest fixed-line operator was found in breach of South Africa’s Companies Act.

Maseko attended the program during the past two weeks, Telkom chief marketing officer Enzo Scarcella said by phone today.

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Telkom chief executive Sipho Maseko. Picture: Masi Losi.Picture: Leon Nicholas.

Maseko, who was facing a penalty of as much as 1 million rand and referral to the National Prosecuting Authority if he hadn’t sat the course, is the first South African chief executive to receive a notice of this type.

Maseko was told by the Companies and Intellectual Property Commission in February to attend a director duties course after a 6 million-rand interest-free loan awarded to chief financial officer Jacques Schindehutte was judged to have breached corporate rules.

Telkom had rejected the CIPC’s authority to impose sanctions, Johannesburg-based Business Day newspaper reported on April 10, citing an interview with Maseko.

The CIPC didn’t immediately respond to phone calls and e-mails seeking comment.

Telkom, which is almost 40 percent owned by the South African government, reiterated today full-year earnings would be more than 20 percent higher than a year ago.

The shares gained as much as 8.1 percent, the biggest intraday climb since August, and traded 6.2 percent higher at 38.67 rand as of 4:14 p.m. in Johannesburg. - Bloomberg News

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