Ramaphosa’s former advisor Thabi Leoka slapped with R500k fine

The Johannesburg Stock Exchange (JSE) has fined President Cyril Ramaphosa’s former advisor and economist Thabi Leoka R500 000 for falsifying her PhD qualification.

In January this year, Leoka came under fire for lying about obtaining a PhD from London School of Economics.

THABI LEOKA FINED FOR LYING ABOUT PHD QUALIFICATION

Following the debacle, Leoka quit as an independent non-executive director of Remgro Limited, Netcare Limited, and Anglo American Platinum Limited.

Ramaphosa also terminated her membership in the Presidential Economic Advisory Council.

On Friday, 15 November, the JSE said that despite the numerous opportunities afforded to Leoka to provide substantive confirmation that she does hold a PhD qualification, Leoka failed to make any submissions or provide the JSE with any information refuting the specific claims that she made false statements by misrepresenting her qualifications in her CV to the Companies and in the Schedule 13 declarations submitted to the JSE.

“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. As a result of these false statements and misrepresentation, the companies published Leoka’s incorrect information regarding her academic qualifications in the Companies’ Disclosures,” the JSE said.

The JSE said any director, and especially a director of a listed company, must be held to the highest standards of corporate governance, compliance, transparency, and ethical behavior, with a duty to always act in the best interests of the company, taking cognizance 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, signaling a disconcerting lack of accountability and commitment to her obligations to the JSE, the Companies and the investing public.”

After careful consideration of all the facts and circumstances, the JSE decided to impose the following penalties on Leoka:

• A public censure and a fine of R500 000
• Immediate disqualification from holding the office of a director or officer of a company listed on the JSE for five years.

DO YOU THINK COMPANIES AND GOVERNMENT ARE DOING ENOUGH TO VET PEOPLE THEY HIRE IN CRITICAL POSITIONS?

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