Thabi Leoka, once a celebrated economist and a prominent figure in South Africa’s financial and political circles, has been publicly censured by the Johannesburg Stock Exchange (JSE).
Story Summary:
- Economist Thabi Leoka was banned by the JSE for five years and fined R500,000 for misrepresenting her qualifications.
- The London School of Economics (LSE) denied granting Leoka a PhD, despite her claims of earning the degree in 2008.
- The fallout has seen Leoka resign from several high-profile roles, including a position on the Presidential Economic Advisory Council.
Breaking down what the JSE ban means for Thabi Leoka
This follows an investigation that found she falsely claimed to hold a PhD in Economics from the London School of Economics (LSE).
The JSE imposed a five-year ban on Leoka, barring her from holding any directorships or officer positions in listed companies.
She has also been fined R500,000.
This punishment follows her failure to provide sufficient evidence supporting her claim, despite repeated opportunities from the JSE.
In a statement, the JSE said 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.”
The bourse added that her continued lack of engagement reflected “a disconcerting lack of accountability and commitment.”
The ban marks the end of a career that saw Leoka serve on the boards of prestigious companies such as Remgro, Anglo-American Platinum, and MTN.
She was also a member of President Cyril Ramaphosa’s Presidential Economic Advisory Council before her dismissal in light of the allegations.
Background of the scandal
The scandal began in January 2024 when Business Day published an exposé questioning Leoka’s academic credentials.
The report exposed discrepancies in her claims of earning a PhD from LSE in November 2008.
While Leoka provided an image of a certificate, it lacked a date, and LSE stated they had no record of her earning the qualification.
Leoka has consistently maintained her innocence.
She argued that her records at LSE might be under a different name due to a legal name change.
Speaking in a radio interview earlier this year, Leoka labelled the allegations as part of a smear campaign designed to tarnish her reputation.
However, the fallout was swift. Leoka resigned from her positions at multiple companies, including Remgro, which had initially appointed her as an independent non-executive director.
Ramaphosa’s council also terminated her role in light of the findings.
Leoka’s five-year ban from the JSE effectively disqualifies her from future leadership roles in listed companies.
The fine, though steep, pales in comparison to the reputational damage she has sustained.
