The JSE has decided to impose a public censure on Thabi Leoka, the former independent nonexecutive director of listed companies Remgro, Netcare and Anglo American Platinum, along with a fine of R500 000, for failing to provide proof of a qualification she had previously claimed to have obtained.

The JSE has also banned Leoka from serving as a director or officer of a publicly listed company for five years.

Upon Leoka’s appointment as a director of the three companies, her curriculum vitae (CV) said she held a PhD in economics obtained from the London School of Economics and Political Science, University of London, in 2008.

In addition, Leoka had submitted a director’s declaration to the JSE wherein she confirmed that all the answers and information contained in the document were true, including her claims about holding a PhD.

However, news outlet Daily Maverick raised questions about the legitimacy of her PhD qualification in an article published on January 17, following which the JSE launched its own investigation.

“The JSE engaged with Leoka and afforded her ample time and opportunities to make submissions and respond to the . . . allegations regarding the authenticity of her PhD qualification. [She] was further requested to confirm, with supporting documentation, the assertions included in her CV,” the JSE says.

“Despite the numerous opportunities afforded to Leoka to provide the JSE with substantive confirmation that she does in fact hold a PhD qualification, [she] failed to make any submissions or provide the JSE with any information refuting the specific claims that she made false statements by misrepresenting her qualification in her CV,” the JSE said on November 15.

Given the facts and information at the JSE’s disposal, including Leoka’s failure to respond and the JSE’s efforts to verify the information, the JSE concluded that her PhD in Economics did not indeed exist.

The JSE said that this kind of deception meant that Leoka had failed to meet the high standards of care expected of directors of publicly listed companies, which undermined investor confidence and compromised corporate governance.

The three affected companies have since published Leoka’s actual qualifications and Leoka has resigned.

“Leoka’s conduct in making false statements . . . was exacerbated by her refusal to acknowledge or engage with regulatory correspondences, or to cooperate with the JSE’s investigation. [Her] 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,” the JSE said.

The JSE said any director, 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, signalling a disconcerting lack of accountability and commitment to her obligations to the JSE, the companies and the investing public,” the JSE said.