Thabi Leoka fined R500 000 and censured by JSE

The bourse says her misrepresentation of her PhD raises concerns about her suitability for directorships.

South African economist Thabi Leoka, who lied about having a doctorate in economics, has incurred a R500 000 penalty and public censure from the JSE.

The bourse announced the move a statement on Sens on Friday. Leoka has also immediately been disqualified from holding the office of a director or officer of a company listed on the JSE for five years.

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Read: Demands for Thabi Leoka to show her degree

“After a careful consideration … the JSE has decided to impose the following penalties on Ms. Leoka: a public censure and a fine of R500 000 [five hundred thousand rand]; and immediate disqualification from holding the office of a director or officer of a company listed on the JSE for a period of 5 years,” it notes.

The allegations about Leoka’s misrepresented qualification first surfaced in January this year.

Leoka maintained that she obtained a PhD in Economics from the London School of Economics and Political Sciences in 2008, however, the academic institution could not find a record of the degree.

Prior to the revelations, Leoka served as an independent non-executive director of Remgro, Netcare, and Anglo American Platinum. She also served on the board of MTN.

Read: Leoka resigns from Amplats, MTN boards, while Presidency cuts ties

She subsequently resigned from these positions.

Leoka also served on President Cyril Ramaphosa’s Presidential Economic Advisory Council before the president terminated her membership following the allegations.

Refusal to cooperate 

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The JSE said in its statement that following the media reports it engaged with Leoka and “afforded her ample time and opportunities to make submissions and respond to the JSE’s allegations regarding the authenticity of her PhD qualification”.

“Despite the numerous opportunities afforded to Ms Leoka to provide the JSE with substantive confirmation that she does in fact hold a PhD qualification, Ms. Leoka failed to make any submissions or provide the JSE with any information refuting the specific claims that she made false statements by misrepresenting her qualification in her CV …”

The bourse adds that her conduct was exacerbated by her refusal to acknowledge and engage with it or to cooperate with its investigation.

“Any director, and especially a director of a listed company, must be held to the highest standards of corporate governance, compliance, transparency, and ethical behaviour, with a duty to always act in the best interests of the company,” the JSE notes, adding that her misrepresentation raises concerns about her suitability to act as a director of companies listed on the JSE.

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