Ex-EOH director fined R500,000 for fake PhD claims

Anushka Bogdanov, who previously served as a director on EOH’s, now iOCO’s, board, has been fined R500,000 and publicly censured by the JSE.

This comes after Bogdanov admitted to lying that she held a PhD in International Finance obtained from the London Business School.

Bogdanov was appointed as an independent non-executive director of EOH on 20 June 2019 and served in various board committees.

She was 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. 

When she was first appointed, Bogdanov’s CV stated that she obtained a PhD in International Finance from the London Business School in 2007/08.

Bogdanov also submitted a Director’s Declaration to the JSE, in which she attested to and confirmed that she possessed a PhD in International Financial Management and Mathematics.

However, EOH later established that this was false and Bogdanov had not obtained a PhD in International Finance from the London Business School or any other institution.

Bogdanov resigned from EOH with effect from 28 July 2020. At the time, the company did not provide a reason for her resignation.

Based on EOH’s findings, the JSE launched an investigation into these concerns and, throughout the process, gave Bogdanov several opportunities to refute the allegations and provide proof of her PhD.

“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 exchange 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.”

While the JSE’s investigation was launched in 2020, Bogdanov kept delaying it, requesting more time to respond to the exchange’s queries.

Finally, in late 2024, Bogdanov admitted to the JSE that she did not have a PhD from the London Business School.

“As a result of this falsehood, EOH, in turn, misrepresented Ms. Bogdanov’s PhD qualification to its shareholders, the JSE and the investing public and referred to her as a ‘Doctor’ in the Company Disclosures and documentation,” the JSE said.

Therefore, the JSE decided to impose the following penalties on Bogdanov:

• A public censure
• A fine of R500,000
• Immediate disqualification from holding the office of a director or officer of a JSE-listed company for 10 years

The JSE said Bogdanov’s false statements raise serious and material concerns about her integrity and suitability as a director of JSE-listed companies.

“Furthermore, Ms. Bogdanov’s actions demonstrate a grave violation of professional integrity and an unacceptable disregard for ethical standards,” it said.

Bogdanov’s response

Following the publication of the JSE’s statement, Bogdanov reached out to Daily Investor to request the addition of her response, which can be seen in full below.

“I am aware of the SENS announcement published by the Johannesburg Stock Exchange (JSE) on 25 July 2025 referencing my academic qualifications. The announcement contains several factual inaccuracies and misrepresentations.

Anushka is a highly qualified governance and risk management specialist with over three decades of professional experience in senior leadership positions in various financial and development institutions.

She has submitted all supporting documentation from accredited institutions, including her doctoral research, to the JSE in good faith and in full transparency.

She is deeply concerned by both the content and the governance processes led to the announcement, including the lack of reasonable opportunity to respond prior to its publication.

She has sought legal advice and remains committed to engaging constructively with all relevant parties to clarify and resolve this matter.

As well recognised risk management, governance expert recognized far beyond South Africa borders and the pioneer of Africa’s first ESG AI-powered rating and analytics platform, Anushka Bogdanov led the development of ESG on Africa continent since 2017 at a time when the global ESG landscape largely excluded African markets.

Various ESG tools were conceptualized, built, and launched for Africa by Africans, and is now used by several African institutions improving market transparency, drive governance and responsible investment, and combat greenwashing.

She remains focused on supporting sustainable development, climate resilience, and inclusive growth for the continent especially in a time when global reversals on climate and diversity demand bold leadership.“