Celebrated economist and businessperson Thabi Leoka has been caught up in a scandal over misrepresentation of qualifications — a development that was allegedly one of the reasons that she and Johann Rupert’s investment vehicle, Remgro, parted ways in December.
Business Day has it on good authority that Leoka, who serves on the boards of several companies, including Anglo American Platinum and MTN SA, does not hold a PhD in economics from the London School of Economics (LSE) as she claims.
This misrepresentation led to Remgro withdrawing her appointment before its AGM in December — just months after her appointment. Remgro did not want to be drawn into reasons for her exit.
“As mentioned at our AGM where we first notified shareholders of the withdrawal, she had communicated to us that she was unfortunately no longer available to serve on the board and would like for her nomination to be formally withdrawn,” a spokesperson said. “Any allegations relating to her qualifications ... would be best addressed by her personally.”
Leoka was appointed to the Remgro board in March 2023, with Rupert highlighting her academic qualifications as a major drawcard.
“We are delighted to welcome Dr Thabi Leoka as an independent nonexecutive director of Remgro,” Rupert wrote in the annual report published in September 2023. “She obtained her PhD and MSc in Economics from the London School of Economics, holds an MA in economic development and international trade and a BA in social science.”
In a stock exchange announcement in December, Remgro did not elaborate on the reasons behind the sudden withdrawal of Leoka’s appointment but dropped the title “Dr” in the announcement
“Ordinary resolution number 8, with regards to the appointment of director Thabi Leoka, was withdrawn at the AGM and therefore not voted on, as the director has advised the board that she is no longer available to serve as an independent non-executive director,” reads the statement, dated December 4.
When contacted for comment, Leoka said the allegation that she does not have a PhD from LSE is unfounded. She maintained she did obtain the degree from the world-renowned institution.
A spokesperson of the university said Leoka had not obtained a PhD from the university: “We have checked our files and can find no record of Thabi Leoka being awarded a PhD from LSE.”
The spokesperson referred Business Day to the LSE’s umbrella institution, the University of London, saying that based on Leoka’s publicly available profile, she might have obtained her PhD at the University of London. However, the University of London also distanced itself from Leoka’s purported PhD.
“We have checked and do not hold a student record for someone with the name Thabi Leoka. However, from looking online I can see that some sources quote LSE as the institution — though they are a member university for the University of London we do not hold their student records.”
Leoka also served on the board of private healthcare group Netcare until March 2023 when she joined Remgro.
President Cyril Ramaphosa in 2019 appointed Leoka to the presidential economic advisory council, the same year he appointed her to the commission of inquiry into the Public Investment Corporation. She was also appointed by the finance minister to review the zero-rated products in order to support the poor and vulnerable in the country after an increase in VAT.
The labour court last year drew a line in the sand on the trend of people misrepresenting qualifications, saying this will hurt the economy and uproot the fundamentals of SA’s labour market system. This was in a labour court ruling confirming the dismissal of the CFO of Lesedi Local Municipality in Gauteng, who got the job fraudulently.
“The misrepresentation of qualifications is a pervasive and menacing evil that greedily devours and indelibly taints our employment landscape,” the judgment read.
“It trivialises our institutions of learning, devalues the sanctity of honest educational pursuits ... it can never be excused, rationalised or condoned. If not stopped in its tracks, misrepresentation’s cancerous grip will be spread, wreaking unimaginable havoc to our economy and our social construct,” it read.
Updated: January 16 2024
The story has been updated to reflect that the University of London is the umbrella institution of the LSE and not its sister university.
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