Thabi Leoka, a former JSE director of companies, has been fined R500 000 and prohibited from holding a director position in JSE-listed companies for five years for making a false PhD claim.
The former independent non-executive director of Remgro, Netcare, and Anglo American deceived the JSE by claiming to have earned a doctorate in economics from the London School of Economics and Political Science in 2008.
She included these details in her curriculum vitae (CV) and provided the JSE with a director’s declaration attesting to the accuracy and veracity of all the information on her CV, including the PhD qualification.
In a statement, the JSE confirmed that Leoka was given an opportunity to respond to the allegations regarding the authenticity of her PhD.
However, she maintained, through confirmations, supporting documents, and assertions included in her CV and Schedule 13 declarations, that she indeed possessed the PhD.
“The facts and information at the JSE’s disposal, including Ms Leoka’s failure to respond and the JSE’s efforts to verify the information, indicate that Ms Leoka’s statements that she holds a PhD in Economics were false,” reads the statement in part.
Lack of accountability
“As a result of these false statements and misinterpretation, the companies in turn published Ms Leoka’s incorrect information in respect of her academic qualification in the companies’ disclosures.”
According to the statement, Leoka made the situation worse by making false statements in her Schedule 13 declaration and refusing to engage with the JSE’s regulatory requests or cooperate with the investigation.
Her failure to respond to the JSE’s questions allegedly showed a lack of commitment to following the rules and went against the values of transparency and accountability, which are essential for effective corporate governance and the regulatory system in place.
“Ms Leoka’s misrepresentation of her academic qualifications raises serious concerns about her integrity and her suitability to act as a director of companies listed on the JSE.
“Furthermore, her ongoing disregard of the JSE’s repeated attempts to engage with her compounds the JSE’s concerns, siganiling a disconcerting lack of accountability and commitment to her obligations to the JSE, the companies and the investing public.”
