Thabi Leoka, an economist and former advisor to President Cyril Ramaphosa, has been fined R500,000 by the Johannesburg Stock Exchange (JSE) for falsifying her academic qualifications. The JSE announced on 15 November that Leoka failed to provide proof of her claimed PhD in Economics from the London School of Economics (LSE), despite numerous requests.
The issue came to light earlier this year, prompting a series of professional and reputational consequences for Leoka. She resigned from her roles as an independent non-executive director at Remgro Limited, Netcare Limited, and Anglo American Platinum Limited. Additionally, Ramaphosa terminated her membership in the Presidential Economic Advisory Council.
Misrepresentation and Lack of Accountability
The JSE’s investigation concluded that Leoka falsely declared her academic qualifications in her CV and Schedule 13 declarations, which led to the dissemination of inaccurate information about her credentials in company disclosures.
“The facts and information at the JSE’s disposal, including Leoka’s failure to respond and the efforts to verify the information, indicate that her statements that she holds a PhD in Economics were false,” the JSE stated.
The JSE emphasized the importance of integrity, transparency, and ethical conduct among directors of listed companies, adding that Leoka’s actions were a serious breach of these standards.
Penalties Imposed
After thorough deliberation, the JSE imposed the following penalties on Leoka:
- Public Censure: A formal reprimand for her actions.
- R500,000 Fine: A significant monetary penalty for her misrepresentation.
- Disqualification for Five Years: Leoka is barred from holding any position as a director or officer of a company listed on the JSE for the next five years.
The JSE noted that Leoka’s failure to engage with their repeated attempts for clarification further demonstrated a lack of accountability.
Broader Implications
Leoka’s fall from grace has raised concerns about the importance of transparency and qualifications in corporate governance. The JSE’s decision reflects a commitment to upholding ethical standards and protecting the interests of stakeholders and the broader market.
The incident serves as a cautionary tale about the consequences of misrepresentation in professional and corporate spaces. For someone as prominent as Leoka, who previously held esteemed positions of influence, the penalties underscore the need for honesty and accountability in leadership roles.
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