Another director in South Africa fined R500,000 for lying about a PhD
The JSE has fined Anushka Bogdanov R500,000 for lying about having a PhD, a similar punishment to that which Economist Thabi Leoka received last year.
Bogdanov was appointed as an independent non-executive director of EOH in 2019.
She served on the Social and Ethics, Governance and Risk Committee, Nomination and Remuneration Committees, and as lead independent non-executive director in 2020.
Her CV stated that she obtained a PhD in International Finance from the London Business School in 2007/2008.
EOH, which has been renamed to IOCO, subsequently established that she lied about having a PhD.
The JSE had several engagements and communications with Bogdanow over the last five years.
After several delays, Bogdanov admitted to the JSE that she did not have a PhD from the London Business School.
“Bogdanov’s false statement raises serious and material concerns about her integrity and suitability as a director of companies listed on the JSE.”
“Furthermore, her actions demonstrate a grave violation of professional integrity and an unacceptable disregard for ethical standards.”
After considering the facts, the JSE gave Bogdanov a public censure and a fine of R500,000.
She has also received an immediate disqualification from holding the office of a director or officer of a company listed on the JSE for 10 years.
Bogdanov responded to the JSE’s announcement, claiming unspecified “factual inaccuracies and misrepresentations”, without giving any detail.
She said she submitted all supporting documentation from accredited institutions, including her doctoral research, to the JSE in “good faith and with complete transparency”.
She added that she was seeking legal advice on the matter. Her full response has been included at the bottom of the article.
Not the first
This controversy started after investment company Remgro which withdrew her appointment as a director before its AGM in December 2023.
In January, Leoka resigned from board positions at major companies such as MTN and Anglo American.
Following reports that her PhD was fake, Leoka said the allegations were baseless and provided what she described as a PhD document from LSE.
However, an LSE spokesperson said the institution had no record of awarding her a PhD.
This statement and her failure to provide the JSE with verified proof of her qualification led to the conclusion that her claims were false.
The JSE said Leoka had misrepresented her academic qualifications and included false information in official disclosures for companies like Remgro, MTN, and Anglo American.
Anushka Bogdanov response
I am aware of the SENS announcement published by the Johannesburg Stock Exchange (JSE) on 25 July 2025 referencing my academic qualifications. The announcement contains several factual inaccuracies and misrepresentations.
Anushka is a highly qualified governance and risk management specialist with over three decades of professional experience in senior leadership positions in various financial and development institutions.
She has submitted all supporting documentation from accredited institutions, including her doctoral research, to the JSE in good faith and in full transparency.
She is deeply concerned by both the content and the governance processes led to the announcement, including the lack of reasonable opportunity to respond prior to its publication.
She has sought legal advice and remains committed to engaging constructively with all relevant parties to clarify and resolve this matter.
As well recognised risk management, governance expert recognized far beyond South Africa borders and the pioneer of Africa’s first ESG AI-powered rating and analytics platform, Anushka Bogdanov led the development of ESG on Africa continent since 2017 at a time when the global ESG landscape largely excluded African markets.
Various ESG tools were conceptualized, built, and launched for Africa by Africans, and is now used by several African institutions improving market transparency, drive governance and responsible investment, and combat greenwashing.
She remains focused on supporting sustainable development, climate resilience, and inclusive growth for the continent especially in a time when global reversals on climate and diversity demand bold leadership.“
This article was updated with Bogdanov’s response.
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