Economist Thabi Leoka fined and banned by JSE

The JSE has fined economist Thabi Leoka R500,000 and banned her from holding any director or officer position at a publicly listed company for being dishonest about her qualifications.

Leoka has served as an independent non-executive director on the boards of listed companies such as Remgro Limited, Anglo-American Platinum Limited, and Netcare Limited under precedence that she holds a PhD in Economics from the University of London, obtained in 2008.

She was also part of President Cyril Ramaphosa’s Presidential Economic Advisory Council.

The JSE made the announcement on Friday that there is no truth to her holding such a qualification, which is a breach of the provisions of the General Principle of the Listings Requirements.

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Leoka’s declaration

In its Stock Exchange News Services (Sens) announcement, the bourse said Leoka submitted a director’s declaration to the JSE attesting and confirming that all the information on her CV is true, including her qualifications.

JSE attributes a Daily Maverick article titled ‘Economist Thabi Leoka’s PhD appears to be a figment of her imagination’ to have been what put her qualifications in the spotlight.

“In light of the media reports, the JSE 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.

“Leoka was further requested to confirm, with supporting documentation, the assertions included in her CV and Schedule 13 declarations she possessed a PhD in Economics obtained from the London School of Economics and Political Science, University of London in 2008.”

ALSO READ: ‘I did not misrepresent my qualifications,’ says former Remgro director Thabi Leoka

Leoka given multiple opportunities

JSE said Leoka had numerous opportunities to provide them [JSE] with substantive confirmation that she does hold a PhD qualification, which she failed to do.

Taking into consideration the information at JSE’s disposal, its efforts to verify the information, and Leoka’s failure to give substantive confirmation, it concluded that she was dishonest about her PhD in Economics.

“As a result of these false statements and misrepresentation, the companies, in turn, published Leoka’s incorrect information in respect of her academic qualification in their Sens announcement and annual reports.”

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Abandonment of board positions

Leoka has since resigned as a director of the publicly listed companies she held positions at.

President Cyril Ramaphosa has also terminated her membership in the Presidential Economic Advisory Council.

“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, taking cognisance of its stakeholders, and the broader market.

“Leoka’s misrepresentation of her academic qualifications raises serious concerns about her integrity and of 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, signaling a disconcerting lack of accountability and commitment to her obligations to the JSE, the Companies and the investing public.”

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