JSE censures Thabi Leoka over false academic claims, bans her as director
The JSE announced on Friday that it has fined Thabi Leoka, a former independent non-executive director for companies including Remgro, Netcare and Anglo American Platinum, R500000 and disqualified her from serving as a director or officer of any JSE-listed company for five years.
The JSE’s ruling follows findings that Leoka misrepresented her qualifications by falsely claiming a PhD in Economics from the London School of Economics.
The investigation was launched after a media report in January cast doubt on Leoka's academic qualifications.
In response, the JSE said it had engaged with Leoka, providing her multiple opportunities to confirm her PhD with supporting documentation. Despite these efforts, Leoka failed to provide evidence of her qualification or refute the claims.
The JSE said, "Leoka's failure and/or refusal to respond to the JSE's queries indicate a lack of commitment to her compliance with the Listings Requirements and is anathema to transparency and accountability which are fundamental cornerstones of sound corporate governance, and the regulatory structure established by the Listings Requirements.
“Further, Leoka's failure and/or refusal to respond to the JSE's queries and concerns obstructed the JSE's investigation and its duty to enforce the provisions of the Listings Requirements,” it said.
The JSE said her actions misled the companies involved, which subsequently published her incorrect academic credentials in official disclosures.
“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, signalling a disconcerting lack of accountability and commitment to her obligations to the JSE, the Companies and the investing public,” it said.
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