Johannesburg, 18 Jan 2011
The JSE is investigating whether its rules were breached after Telkom confirmed, in the press, that acting CEO Jeffrey Hedberg would not renew his contract, before telling shareholders.
Last Thursday, TechCentral - citing unnamed senior sources at the company - reported Hedberg would leave the listed telecommunications company at the end of March.
The following morning, Telkom confirmed to the media that Hedberg had decided not to renew his contract.
The confirmation to the media was followed later that afternoon by an official statement by Telkom's board on the Stock Exchange News Service confirming the news.
Doug Doel, head of the investigating unit at the JSE's issuer service division, says: “As with all matters of this kind, we are looking into it.”
Doel did not detail the scope of the investigation, nor what exactly was being examined.
Communications minister Roy Padayachie was also not officially told Hedberg was leaving. Addressing a press conference on Friday morning, about SA's move to digital TV on the DVB-T2 standard, Padayachie said he had not received formal notice of Hedberg's resignation.
Government has a 39.8% stake in the fixed-line incumbent.
Telkom cannot comment on a possible pending investigation, the company says.
Share