The JSE has imposed hefty penalties on former EOH director Anushka Bogdanov for falsely claiming to hold a PhD.
On Friday the country’s main stock exchange publicly censured Bogdanov, fined her R500,000 and disqualified her from being appointed a director or any other officer of a listed company for 10 years.
This comes 18 months after economist and board director Thabi Leoka was found to havelied about holding a PhD from the London School of Economics.
For iOCO (formerly EOH), it is the latest in a series of cases that revealed serious problems with the integrity of its previous management.
In 2021 EOH filed a R1.7bn lawsuit against cofounder and former boss Asher Bohbot, alleging that he failed to carry out his fiduciary duties and created an enabling environment for corruption and financial irresponsibility.
Bogdanov was appointed as an independent nonexecutive director of EOH in June 2019, before going on to chair its social and ethics committee, as well as being a member of the governance and risk, and nomination and remuneration committees.
She became lead independent nonexecutive director in February 2020 before resigning from EOH in July the same year.
Upon her appointment Bogdanov provided a CV and director’s declaration to the JSE, both stating that she held a PhD in international finance from the London Business School. EOH subsequently included this information in its public disclosures, referring to her as “doctor”.
It was later discovered by EOH, and confirmed by the JSE’s investigation, that Bogdanov had not obtained a PhD in 2007/08 as she had claimed.
The bourse initiated an investigation into her qualifications in November 2020. Despite numerous opportunities and extended deadlines granted due to personal circumstances, she was unable to provide proof of her PhD. After a protracted process Bogdanov admitted in late 2024 that she did not have a PhD.
The JSE concluded that Bogdanov deliberately misrepresented her qualification to it and EOH, which led to the latter inadvertently misleading its shareholders and the public.
It said the findings meant Bogdanov was in breach of the general principles of the JSE’s listings requirements, which mandate that all parties involved in disseminating information to the market uphold the highest standards of honesty and ensure that disclosures promote investor confidence.
“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.
“Ms Bogdanov’s false statement that she obtained a PhD qualification in international financial management and mathematics raises serious and material concerns about her integrity and suitability as a director of companies listed on the JSE, and casts serious doubt on her ability to fulfil these important responsibilities.
“Ms Bogdanov’s actions demonstrate a grave violation of professional integrity and an unacceptable disregard for ethical standards.”
iOCO has fought hard in recent years to recover its reputation after uncovering dubious transactions related to public sector contracts that forced it to restate previous results.
EOH said in 2019 that a forensic probe by ENSafrica had found evidence “of a number of governance failings and wrongdoings”. These included unsubstantiated payments, tender irregularities and “other unethical business practices”, including bribery and theft, mainly within the public sector business operated by subsidiary EOH Mthombo.
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