Thabi Leoka fined R500k by JSE for failing to respond to fake PhD allegations

JOHANNESBURG - The Johannesburg Stock Exchange (JSE) has imposed a public censure and a R500,000 fine on embattled economist and board member, Thabi Leoka, for misrepresenting her qualifications.

On Friday morning, the JSE said it had attempted to engage Leoka after it emerged in January that she lied about holding a PhD from the London School of Economics. 

But despite allowing her to provide clarity on the allegations, the JSE said that Leoka failed to respond to queries and concerns, which in turn "obstructed" investigations.

ALSO READ: 

• Presidency requests economist Thabi Leoka to address claims over her qualifications
• Economist Thabi Leoka could face jail time if she falsified her PhD

Leoka, who has a Master's from a prestigious institution and another from Wits, in addition to serving on the president’s economic advisory council, had served on the boards of JSE-listed companies including Remgro, Anglo American Platinum, and Netcare before her qualifications scandal emerged.

Media reports prompted the JSE to request that Leoka make submissions and respond to allegations.

"Ms Leoka failed to make any or provide the JSE with any information refuting the specific claims... Accordingly, the JSE found Ms Leoka in breach of the provisions of General Principle Listings Requirements for misrepresenting her qualification in her CV to the Companies and Schedule 13 declarations submitted to the JSE, and the Companies in turn, published her academic qualification in the Companies' Disclosures," the JSE explained. 

The stock exchange said Leoka exhibited a "disconcerting lack of accountability and commitment to her obligations to the JSE, the Companies and the investing public", and as such, confirmed it would impose a R500,000 fine, as well as immediately disqualifying her from holding the office of a director or officer of a listed company for five years.