Economist Thabi Leoka was penalized R500 000 by the JSE for providing false information about her education credentials.
The Johannesburg Stock Exchange (JSE) imposed measures on Thabi Leoka by levying a fine of R500 000 and prohibiting her from assuming any directorial or officer role in a company listed on the JSE for a period of five years.
She stated that she had earned a degree in Economics from the London School of Economics and included this information in her resume and official statements, as a result several companies disclosed this detail in their reports.
Thabi Leoka was a executive director for various companies listed on the JSE such as Remgro Limited and Anglo American Platinum Limited and Netcare Limited She also had a role in President Cyril Ramaphosa's Presidential Economic Advisory Council.
An article published by the Daily Maverick in January 2024 titled "Economist Thabi Leoka’s PhD appears to be a figment of her imagination" shed light on doubts surrounding her credentials sparking media scrutiny over the credibility of her doctoral qualification.
The JSE interacted closely with Leoka and offered her chances to provide proof of her PhD degree, however Leoka failed to furnish any solid evidence or documentation to validate her assertion.
The JSE review determined that her claims about her PhD were untrue and violated General Principles (V) and (VII) which highlight the importance of upholding accuracy in sharing information and building investor trust through disclosures.
- Leoka faced criticism.
- An amount of R500 000 was imposed as a penalty.
- She received a ban from holding any director or officer roles in a company listed on the JSE for the five years starting away.
The situation has sparked inquiries into the thoroughness of procedures in South Africa when it comes to assessing the qualifications of directors.
It highlights the significance of maintaining honesty in management and the possible consequences for both individuals and businesses if this honesty is breached.