By Anathi Madubela.
The Johannesburg Stock Exchange (JSE) has censured and fined former EOH holdings (now renamed IOCO Limited) director Anushka Bogdanov R500 000 after a lengthy investigation revealed she falsely claimed to hold a PhD from the London Business School.
In addition to the financial penalty, Bogdanov has been disqualified from serving as a director or officer of any JSE-listed company for the next 10 years, with the exchange citing serious concerns about her integrity and ethical conduct.
According to the JSE, when Bogdanov was appointed as a director of EOH, she claimed in her CV and Director’s Declaration that she held a PhD in International Financial Management and Mathematics, obtained in 2007/2008.
However, EOH later confirmed she had never earned such a degree from the London Business School or any other institution. The JSE’s investigation uncovered significant discrepancies and misrepresentations regarding the authenticity of her qualification.
Bogdanov resigned in July 2020, a day before EOH admitted to publishing false financial results for 2017 and 2018.
The technology company said the published financial information did not comply with International Financial Reporting Standards (IFRS) and was incorrect, false and misleading in material aspects.
The JSE says it started the investigation into Bogdanov in November 2020.
“The length of time necessary to conclude the investigation was caused by numerous requests from Bogdanov for more time in responding to the JSE’s queries. Ms Bogdanov informed the JSE that she was unable to respond to the JSE as a result of a variety of issues and personal circumstances that prevented her from dealing with this issue in a timely manner,” said the JSE.
In late 2024, Bogdanov confirmed and admitted to the JSE that she did not have a PhD from London Business School.
“Bogdanov’s false statement that she obtained a PhD qualification raises serious and material concerns about her integrity and suitability as a director of companies listed on the JSE, and casts serious doubt on her ability to fulfil these important responsibilities.
“Furthermore, Bogdanov’s actions demonstrate a grave violation of professional integrity and an unacceptable disregard for ethical standards,” said the JSE.