The Johannesburg Stock Exchange (JSE) has levied a hefty R500,000 fine against economist Thabi Leoka after it was revealed that she had misrepresented her academic qualifications.
The financial penalty follows an investigation that exposed her claim of holding a PhD in Economics from the prestigious London School of Economics, a qualification prominently featured in her CV and official declarations.
Leoka's purported credentials were validated by several corporate boards she served on, including major companies like Remgro and Anglo American Platinum. However, after media scrutiny intensified in January this year, the JSE initiated an inquiry into the authenticity of her qualifications.
On Friday, the JSE announced that attempts to engage with Leoka on this matter were unsuccessful. Despite being given several opportunities to confirm her qualifications, Leoka failed to furnish any evidence backing her claims. Her inaction led to the JSE barring her from serving as a director of any JSE-listed company for five years.
According to an official statement from the JSE, “Ms Leoka failed to make any or provide the JSE with any information refuting the specific claims... Accordingly, the JSE found Ms Leoka in breach of the provisions of General Principle Listings Requirements for misrepresenting her qualification in her CV.” The stock exchange further condemned Leoka for displaying a “disconcerting lack of accountability and commitment to her obligations to the JSE, the Companies and the investing public.”
The controversy surrounding Leoka, who served as an economic advisor to President Cyril Ramaphosa, escalated earlier this year when media outlets questioned her qualifications. Reports have indicated that she only possesses a Master's degree, not the PhD she publicly claimed to hold.
Despite the allegations, Leoka has staunchly denied any wrongdoing. Following a damning exposé by a business publication, she suggested that claims of her having falsified qualifications contributed to her removal from the board of Remgro, a company owned by billionaire Johann Rupert. Leoka initially asserted she would pursue legal action against “Business Day” for publishing the allegations, maintaining that her departure from Remgro was due to health-related issues rather than her qualifications.
The discourse surrounding her academic credentials has also seen diverse opinions emerge. Khandani Msibi, CEO of Doves 3Sixty Life, defended Leoka, remarking that even notable figures like Johann Rupert had not finished their university education. He contended that the distinction between a Master's and a PhD in economics may not significantly impact an individual's knowledge or capabilities. “People must not throw the bath water out with the baby,” he stated, urging against harsh punishments for what he described as minor misrepresentations of education.
In a related note, Professor Parmi Natesan, CEO of the Institute of Directors in South Africa, commented that Leoka’s apparent qualification confusion may stem from a name change at some point in her career. This raises further concerns about the validity of directors’ qualifications, especially after their appointment.
The Star