Former EOH director fined R500,000 by JSE for fake PhD claim

Anushka Bogdanov banned from JSE boards for 10 years after admitting to falsifying qualifications

Published: 26 July 2025

In a major crackdown on corporate misconduct, the Johannesburg Stock Exchange (JSE) has issued a public censure and a R500,000 fine to former EOH Holdings director, Anushka Bogdanov, for falsely claiming to have a PhD from the prestigious London Business School.

The exchange has also banned Bogdanov from serving as a director or officer of any JSE-listed company for 10 years, citing “serious concerns” about her integrity and ethical conduct.

Bogdanov, who served on multiple key committees at EOH (now renamed iOCO Limited), stated in her CV and Director’s Declaration that she held a PhD in International Financial Management and Mathematics from London Business School, allegedly obtained in 2007/2008.

However, this claim was later proven false when EOH confirmed no such qualification existed, triggering a full investigation by the JSE that began in November 2020.

“Bogdanov’s false statement raises serious and material concerns about her integrity and suitability as a director of companies listed on the JSE.” – JSE Statement

The investigation stretched over several years due to multiple delays and requests for extensions from Bogdanov, who cited personal circumstances as the reason for her inability to respond.

It was only in late 2024 that she formally admitted to the JSE that she had never received a PhD from the London Business School or any other institution.

This deception is particularly alarming given Bogdanov’s high-ranking role as lead independent non-executive director and her participation on the Social and Ethics, Governance and Risk Committee.

In its public statement, the JSE condemned Bogdanov’s actions as a “grave violation of professional integrity” and said it would not tolerate such behaviour from individuals in key leadership roles.

This case follows a similar scandal last year involving economist Thabi Leoka, who was also fined R500,000 after failing to verify her claimed PhD from the London School of Economics.

Bogdanov’s resignation in July 2020 came just a day before EOH revealed it had published false financial results for 2017 and 2018. The company admitted the data was not compliant with International Financial Reporting Standards (IFRS) and was materially misleading.

This further tainted the company’s reputation during a period of deep restructuring and rebranding as iOCO Limited.