The Johannesburg Stock Exchange (JSE) fined Anushka Bogdanov R500,000 for making a false PhD claim. Bogdanov was an independent non-executive director of EOH Holdings (now iOCO) from June 2019 until her resignation in July 2020. She made the false claim that she had graduated from the London Business School with a PhD in International Finance, which was later shown to be untrue.
According to both Bogdanov’s resume and a formal director’s statement to the JSE, she earned a PhD in International Financial Management and Mathematics from the London Business School in 2007–2008. But a careful examination by the JSE and EOH showed that she never received this degree from any school.
Bogdanov held a number of important roles while working at EOH, including chair of the Social and Ethics Committee, member of the Governance and Risk Committee, member of the Nomination and Remuneration Committee, and, starting in February 2020, lead independent non-executive director. She left without giving a reason at first, but after her falsified academic credentials were discovered, she was subject to legal action.
The JSE worked with Bogdanov for a number of years, and in spite of several chances, she never produced any proof to back up her assertion. She eventually acknowledged fabricating her academic credentials in late 2024. This behavior was deemed a major violation of the JSE’s Listing Requirements, raising questions about her moral character and integrity.
In addition to the R500,000 fine, the JSE also issued a public censure and prohibited her from serving as a director of any JSE-listed company for ten years. The regulator underlined that these kinds of false statements erode corporate governance norms and harm investor confidence.
This case is a powerful reminder of how crucial accountability, honesty, and transparency are in South Africa’s business community. The JSE’s resolute action against Bogdanov demonstrates its dedication to maintaining honesty and moral conduct among directors of publicly traded companies.
