Thabi Leoka has been fined R500,000 by the Johannesburg Stock Exchange (JSE)

Thabi Leoka has been fined R500,000 by the Johannesburg Stock Exchange (JSE) for not addressing allegations regarding her false claims about possessing a PhD from the London School of Economics.

On Friday, the JSE announced that it had tried to communicate with Leoka after the allegations surfaced in January, but she failed to respond to their inquiries. This lack of engagement hindered the JSE's investigation.

Before the scandal, Leoka had held positions on the boards of several JSE-listed companies, including Remgro, Anglo American Platinum, and Netcare, and she holds a Master's degree from a distinguished institution as well as another from Wits. Additionally, she served on the president’s economic advisory council.

Following media coverage, the JSE requested that Leoka submit her responses to the accusations. However, the JSE reported that she did not provide any information to counter the specific claims against her. Consequently, they determined that she breached the General Principles of Listing Requirements by misrepresenting her qualifications in her CV and in the Company declarations submitted to the JSE.

The JSE criticized Leoka for her "disconcerting lack of accountability and commitment" to her responsibilities toward the JSE, the companies she was associated with, and the investing public. As a result, the JSE has imposed a R500,000 fine on her and has barred her from serving as a director or officer of any listed company for five years.