Major blow to director in South Africa fined R500,000 for lying about a PhD
The Financial Service Tribunal has dismissed an application by former EOH (now IOCO) independent non-executive director, Anushka Bogdanov, to reconsider sanctions against her over a falsified PhD.
Bogdanov responded to the ruling, saying she was consulting with her legal team on the next steps.
Bogdanov was fined R500,000 and sanctioned by the JSE in 2025 for lying about having a PhD, which she admitted to the bourse after years of delays.
The issue was flagged by listed tech group, IOCO (then EOH), in 2020, when it investigated claims made in her CV.
Bogdanov was appointed as an independent non-executive director of EOH in 2019 and served on the Social and Ethics, Governance and Risk Committee, Nomination and Remuneration Committees.
She later served as lead independent non-executive director in 2020.
Her CV stated that she obtained a PhD in International Finance from the London Business School (LBS) in 2007/2008. The group subsequently established that she lied about having a PhD.
According to the Financial Services Tribunal, on 23 July 2020, a unit of EOH, the Integrated Risk Management Solutions (IRMS), confirmed that Bogdanov’s PhD certificate was a forgery.
The group followed a whistleblower’s information and found clear signs of forgery, which included:
- The LBS logo differed from the official logo;
- Obvious spelling errors;
- The LBS did not have a vice chancellor position; and
- The LBS did not offer a doctorate in International Financial Services.
She resigned from all EOH positions on 28 July 2020, with EOH notifying markets.
The JSE queried her resignation on 30 July 2020 and launched its investigation, which led to the sanctions in 2025.
At the time of the fine and sanctions against Bogdanov, the JSE said it had several engagements and communications with her over the five years.
Eventually, on 23 October 2024, through her legal representative, she conceded that the PhD from LBS was never awarded to her.
However, she alleged that an unnamed individual had forged the certificate she relied on, without her knowledge or consent.
She was publicly censured through a SENS notification, fined R500,000, and disqualified from serving as a director or officer of a JSE-listed company for 10 years.
At the time, Bogdanov claimed the JSE statement had unspecified “factual inaccuracies and misrepresentations”, and sought legal advice on the matter.
She later approached the Tribunal to have the sanctions reconsidered.
Tribunal dismisses the application
In a judgment published on 1 June 2026, the Financial Services Tribunal dismissed the application for reconsideration.
In its ruling, it outlined the arguments of both sides, ultimately siding with the JSE’s sanctions.
According to the ruling, Bogdanov argued that she genuinely believed she had earned a PhD in International Financial Management and Mathematics.
She also argued that she was treated disproportionately compared to others, received no unlawful gain, and that her health condition was not considered by the JSE.
She insisted that she had not fraudulently included the PhD in her CV, but it was an honest mistake by her secretary.
She also claimed that two LBS employees “were the basis of her trauma”, allegedly engaging “in an act” with her husband, and further maliciously deleting her records, among other allegations.
The Tribunal reported a host of other grounds for the challenge, including disagreement with the investigation report, denial of a breach of listing requirements, and a finding that the sanctions were inappropriate.
According to the Tribunal’s discussion on the matter, it found that at all times the onus was on Bogdanov to disclose the true state of facts related to her PhD.
It dismissed the allegations that the LBS deleted her records as implausible, adding that Bogdanov herself would have had her own records relating to the degree in her possession.
This would include the application, registration, the thesis proposal and its acceptance, including the thesis itself, communication from her supervisors and their identity, as well as that of the viva voce examination panel members, among others.
“If she was indeed registered, this culminated in a viva voce defence of her thesis. When she left the interview room in London, she must have been aware that she needed to revise or supplement certain aspects of the thesis,” it said.
“Even though she alleges that she was so traumatised by the event in the flat involving her husband and two ladies from the LBS faculty, there is no logical excuse for failing to follow up with her supervisors regarding the required supplementation.”
The Tribunal added that there is also no logical excuse for her failing to address the traumatic incident involving its staff directly with LBS.
“This, in all likelihood, is not true in the absence of contrary evidence,” it said. The Tribunal also did not buy any of the other excuses put forward.
In particular, it said that Bogdanov had three years to come clean, but only admitted her certificate was forged “when confronted with an inescapable set of facts”, and then blamed a secretary.
“It is clear to the Tribunal that these forgeries were either committed by the applicant herself or with her knowledge and consent. To state otherwise would be contrary to the clear and irrefutable evidence on record,” it said.
It said her health may have been a mitigating factor, but it did not warrant her blatant failure to respond to queries by the JSE for a period of three years.
“She was healthy enough to conduct a business, serve all kinds of functions, study for another doctorate, but too ill to answer simple requests,” it said.
The Tribunal found that there was no procedural irregularity by the JSE and that the sanction was fitting.
“We find no indication…that the sanction was inappropriate, based on incorrect facts or law, or biased,” it said. “The application for reconsideration is dismissed.”
Anushka Bogdanov responds to the ruling
Bogdanov told BusinessTech that she was aware of the ruling and was consulting with her legal team on the next steps.
In an updated statement further in the day, Bogdanov said she would challenge the ruling. The full statement has been included below:
Following the JSE SENS announcement dated 25 July 2025, I applied to the Financial Services Tribunal (FST). The matter was heard on 20 April 2026 by a panel chaired by Judge Harms, who was first appointed to the bench in 1986. After over 5 weeks, On 1 June 2026, the Tribunal issued its decision, which has since been communicated to me.
Having briefly reviewed the Decision, I am concerned that it does not address issues raised in my application and various facts presented in the hearings and submissions to JSE and FST. Besides, the decision also contains various inaccuracies including but not limited to personal and professional details, e.g. my marital status and academic designation as a Doctor, my role as a board member of the JSE fully owned subsidiary Nautilus, despite these being matters of record. These inaccuracies raise further concerns regarding the consideration afforded to the broader facts and submissions presented before the Tribunal. The decision will be challenged.
Having experienced the realities of apartheid as a child, including surviving a car blast that claimed the life of my grandmother, left me and my little brother seriously injured and in terrible pain, while being denied admission to a “whites-only” hospital because of the colour of our skin, and required years of recovery, and as the daughter of political activists who made significant contributions to the liberation struggle in South Africa, I learned from an early age the importance of courage, justice, resilience, and perseverance. These experiences, together with my lifelong commitment to advancing transparency, accountability, sustainability, and inclusive development across South Africa and the African capital markets which is the nucleus for growth, have shaped my values, strengthened my resolve, and ultimately inspired me to build Africa’s first AI-powered ESG models designed to enhance transparency, promote accountability, and support a more sustainable and equitable future for all. Model collected multiple awards and connected Africa in building united prosperous sustainable future for all. As the matter remains ongoing, it would not be appropriate to comment further on the substance of the decision.
I remain committed to conducting all affairs professionally, transparently, and in accordance with applicable legal and regulatory requirements. I will provide further updates when there be any material developments. I thank our stakeholders for their continued support and understanding.
The full ruling can be found below.
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