JSE fines former EOH director Bogdanov R500k for faking qualification

The JSE on Friday said it had fined Anushka Bogdanov, a former director of EOH Holdings, R500 000 and immediate disqualification from holding the office of a director or officer of a company listed on the JSE for a period of 10 years for fake qualifications.

It said that Bogdanov was appointed as an independent non-executive director of EOH Holdings on June, 20, 2019 and served as the chairperson of the Social and Ethics Committee, a member of the Governance and Risk Committee and Nomination and Remuneration Committee and then as the lead independent non-executive director in February 2020.

Bogdanov resigned from EOH with effect from July 28, 2020.

Upon Bogdanov's appointment as director of EOH, her Curriculum Vitae provided to the company stated that she held a PhD in International Finance obtained from the London Business School in 2007/2008. In addition thereto, as required by the provisions of Schedule 13 of the JSE's Listings Requirements, Bogdanov submitted a Director's Declaration to the JSE wherein she attested to and confirmed that she possessed a PhD in International Financial Management and Mathematics.

Based on the information contained in Bogdanov's CV provided to the company and the Schedule 13 Directors' Declaration submitted to the JSE, EOH made various disclosures to the market and the public in their SENS announcements and annual reports, specifically that Bogdanov possessed a PhD in International Finance and/or referred to her as "Doctor".

However, the JSE said it was subsequently established by EOH that Bogdanov falsely stated that she had obtained a PhD in International Finance from the London Business School or any other institution during 2007/2008 or at any other time.

Based thereon, the JSE said it had initiated an investigation into concerns about the veracity of Bogdanov's qualification and credentials.

"Throughout the process, Ms. Bogdanov was afforded numerous opportunities to refute these allegations, make submissions and provide the JSE with proof that she did obtain a PhD in International Finance and Mathematics from the London Business School. The facts and information obtained during the investigation indicated that there were significant discrepancies and irregularities relating to the authenticity of her qualification, and her statements and representations made in respect thereof," the JSE said.

"These findings were supported by independent verification and objective evidence, which raised serious concerns about the accuracy and reliability of the documentation submitted by Ms. Bogdanov as well as the veracity of Ms. Bogdanov's representations about her qualification."

 The JSE had  initially engaged with Bogdanov in November 2020 regarding allegations about the authenticity of her PhD qualification. The JSE explained that 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. Despite the JSE's efforts of engagements with Bogdanov over the past  five years, Bogdanov could not provide the JSE with such confirmation. Finally, in late 2024, Bogdanov confirmed and admitted to the JSE that she did not have a PhD degree from the London Business School.

The JSE concluded that Bogdanov falsely stated to the EOH and the JSE that she had a PhD qualification. As a result of this falsehood, EOH in turn, misrepresented Bogdanov's PhD       qualification to its shareholders, the JSE and the investing public.

It is for this reason that the JSE found Bogdanov in breach of the provisions of General Principle (v) and (vii) of the Listings Requirements.

"Bogdanov's false statement that she obtained a PhD qualification in International Financial Management and Mathematics from the London Business School 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 fulfill these important responsibilities. Furthermore, Ms. Bogdanov's actions demonstrate a grave violation of professional integrity and an unacceptable disregard for ethical standards, the JSE said,

For these reasons and with reference to the JSE's findings of breach, the JSE has decided to impose the public censure and a fine her.

BUSINESS REPORT