Former EOH Holdings director Anushka Bogdanov has indicated that she will review a ruling made by the Financial Services Tribunal after it dismissed her application to overturn sanctions imposed by the Johannesburg Stock Exchange (JSE).
This comes after the tribunal concluded that Bogdanov deliberately and fraudulently misrepresented her academic qualifications by submitting forged documents.
“I note that the tribunal upheld findings relating to my academic credentials, including its conclusion that I did not hold the doctoral qualification that I had represented. While I acknowledge the seriousness of the tribunal’s findings, I respectfully disagree with aspects of the decision and remain concerned that several issues raised in my application, together with evidence and submissions presented during the proceedings, were not fully addressed.
“I am also concerned about what I believe to be factual inaccuracies contained in the decision regarding certain personal and professional matters. In my view, these issues warrant further scrutiny and form part of the basis upon which I am considering further legal remedies. Accordingly, the decision is under review and will be challenged through the appropriate legal channels,” she said.
In a strongly worded judgment handed down on Tuesday, the tribunal upheld the JSE’s decision to publicly censure Bogdanov, impose a R500,000 fine, and bar her from serving as a director or officer of any JSE-listed company for ten years.
The case stemmed from Bogdanov’s long-standing claim that she held a PhD in International Financial Management and Mathematics from London Business School (LBS), a qualification central to her appointment and subsequent rise within EOH Holdings.
Bogdanov joined the EOH board in June 2019 as chair of several key committees, including the Social and Ethics Committee, the Risk and Governance Committee, and the Remuneration Committee. In February 2020, she was elevated to the roles of lead independent director and deputy chairperson.
Questions surrounding her qualifications emerged in 2020 when she was considered for a board position at African Bank. During a vetting process conducted by the Prudential Authority, copies of her qualifications were requested. A PhD certificate purportedly issued by London Business School was submitted as part of the documentation.
Subsequent investigations revealed significant anomalies in the certificate. EOH’s internal risk unit determined that the document contained spelling errors, an incorrect institutional logo, references to a vice-chancellor position that did not exist at LBS, and a doctoral programme that the institution did not offer. Investigators further confirmed with London Business School that the certificate was fraudulent.
The tribunal noted that, despite multiple opportunities over several years, Bogdanov failed to provide any credible evidence that she had ever been enrolled in, completed, or been awarded a PhD by London Business School. The judgment pointed out that she produced no application records, student registration details, supervisor information, thesis documentation, examination records, or proof of degree conferral.
Instead, Bogdanov maintained that records relating to her studies had allegedly been deleted by London Business School. She further claimed that a traumatic personal incident involving her then-husband and two members of the institution’s faculty had led her to abruptly leave the United Kingdom following a viva voce examination in 2008.
The tribunal rejected these explanations as implausible and unsupported by evidence.
The judgment found that Bogdanov had continued to represent herself publicly as “Doctor” for many years despite allegedly knowing that no PhD had been conferred upon her. The tribunal further held that when she submitted her curriculum vitae to EOH in 2019, listing the doctorate among her qualifications, the conduct was “intentional and fraudulent.”
The tribunal went even further, observing that the facts appeared to disclose elements of criminal conduct.
According to the ruling, the matter might never have come to light had it not been for a whistleblower within EOH. Internal investigations subsequently revealed that Bogdanov’s qualifications had been widely published in company disclosures, Stock Exchange News Service (SENS) announcements, media statements, and EOH’s integrated annual reports.
After being alerted to the issue, the JSE undertook a lengthy investigation spanning approximately three years. During that period, the exchange repeatedly requested evidence supporting Bogdanov’s academic claims. The tribunal found that she consistently failed to provide satisfactory answers and only conceded in October 2024 that the PhD had never been awarded to her.
sinenhlanhla.masilela@iol.co.za
IOL News
Get your news on the go. Download the latest IOL App for Android and IOS now.
