By Lehlohonolo Lehana.
Economist Thabi Leoka has been banned by the Johannesburg Stock Exchange (JSE) for five years and fined R500,000 for misrepresenting her qualifications.
The ban follows findings that Leoka misrepresented her qualifications by falsely claiming a PhD in Economics from the London School of Economics.
The JSE said it had engaged with Leoka, providing her multiple opportunities to confirm her PhD with supporting documentation. Despite these efforts, Leoka failed to provide evidence of her qualification or refute the claims.
The JSE said, “Leoka’s failure and/or refusal to respond to the JSE’s queries indicate a lack of commitment to her compliance with the Listings Requirements and is anathema to transparency and accountability which are fundamental cornerstones of sound corporate governance, and the regulatory structure established by the Listings Requirements.
“Further, Leoka’s failure and/or refusal to respond to the JSE’s queries and concerns obstructed the JSE’s investigation and its duty to enforce the provisions of the Listings Requirements,” it said.
The JSE said her actions misled the companies involved, which subsequently published her incorrect academic credentials in official disclosures.
“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, signalling a disconcerting lack of accountability and commitment to her obligations to the JSE, the Companies and the investing public,” it said.
Leoka has held numerous directorships as well as high-profile advisory positions to President Cyril Ramaphosa and former finance minister Nhlanhla Nene.
Her use of the honorific “Dr” appeared in nearly every biography of her available online, and in media interviews, she is frequently introduced as “Dr” Thabi Leoka.
In 2018, Leoka was among a panel of researchers appointed by Nene to review a list of VAT zero-rated items and terms of reference. In 2019, Leoka was appointed by Ramaphosa to the Presidential Economic Advisory Council (PEAC), to “advise the President and government more broadly, facilitating the development and implementation of economic policies that spur inclusive growth”.
She served on the boards of several companies including Anglo American Platinum, the Small Business Institute and the Senegal-based consulting group Act-Afrique. She was also a board member of MTN SA, and in company documents, her official bio says she holds a PhD in economics from the University of London.
Additionally, Leoka served on the Statistics South Africa Council where she chairs the Economic Statistics Committee. She is also a former Corruption Watch board member.
Until recently, Leoka was also an independent, non-executive director at Remgro. The misrepresentation of her qualifications was one of the reasons which led to Remgro withdrawing her appointment at its annual general meeting (AGM) on 4 December 2023.
There has been a rise in the number of fake qualification scandals over the years with the Protection of Personal Information Act (Popia), which came into effect in 2021, making it increasingly difficult for journalists to confirm whether prominent figures hold the degree they claim from South African universities.