The Financial Services Tribunal has dismissed former EOH director Anushka Bogdanov’s application for reconsideration of the JSE’s sanctions against her, after finding that her false claim to hold a PhD from London Business School was intentional and fraudulent.

Last year, the JSE imposed a public censure, fined her R500 000, and disqualified her from holding office as a director or officer of a company listed on the JSE for 10 years.

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Bogdanov pleads for reconsideration

Bogdanov applied for reconsideration, claiming she was under the “genuine belief” that the PhD had been conferred, that she had received no unlawful gain, that no market harm had resulted, and that the sanctions were disproportionate to those imposed in other matters.

She also contended her health had not been adequately considered and that she had been denied a fair hearing before the JSE Sens announcement.

The Tribunal dismissed the key arguments Bogdanov advanced in support of her application.

“When the applicant submitted her CV to EOH, she included the PhD qualification. This was intentional and fraudulent. The Tribunal takes a firm view that this appears to constitute elements of criminal conduct.”

In comparing sanctions imposed in other matters, it found that “each case must be considered on its own facts”.

Bogdanov’s illness

The Tribunal acknowledged the JSE had considered her illness as a mitigating factor, but found that the forgeries, false submissions, and her “blatant failure to respond to queries by the JSE for a period of three years” were aggravating factors.

“She was healthy enough to conduct a business, serve all kinds of functions, study for another doctorate, but too ill to answer simple requests.”

Background

Bogdanov was appointed to the EOH board on 20 June 2019, serving as chair of the Social and Ethics Committee and a member of the Governance and Risk Committee. In February 2020, she became EOH’s lead independent non-executive director.

EOH changed its name to iOCO, but that was a few years after Bogdanov had left the group.

At the time of her appointment, her CV claimed that she held a PhD in International Finance from London Business School (LBS). She also submitted a Schedule 13 Director’s Declaration to the JSE confirming she held a PhD.

Forged PhD certificate

In March 2020, a forged LBS PhD certificate was submitted to EOH in support of Bogdanov’s claimed qualification; the Tribunal later found that the forgeries were either committed by Bogdanov herself or with her knowledge and consent.

Also in March 2020, during the Prudential Authority (PA) vetting process for Bogdanov’s proposed appointment to the African Bank board, a dossier signed off by Bogdanov was submitted to the PA. It included her CV and a copy of the fraudulent LBS PhD certificate.

However, a whistleblower came forward, and on 25 March 2020, the LBS confirmed that the PhD certificate was forged and recommended legal action against Bogdanov.

Bogdanov blamed an unnamed executive assistant/secretary for the forgeries.

EOH’s investigations unit, IRMS, later confirmed on 23 July that the certificate was fraudulent due to an incorrect logo, spelling errors, the fact that LBS did not have a vice chancellor position, and the fact that it did not offer a doctorate in International Financial Services.

Less than a week later, Bogdanov resigned as director on 28 July 2020.

Lengthy JSE investigation

After EOH notified the JSE of the qualification discrepancy, the JSE initiated an investigation that lasted for more than three years. During the investigation, the JSE made repeated requests for proof of the qualification or a substantive response to its allegations.

Bogdanov requested multiple extensions, citing health difficulties, and did not provide the requested documentation.

She only admitted in October 2024 that the PhD was never awarded to her and that “an unnamed individual had forged the certificate she relied on, without her knowledge or consent”.

‘Deeply traumatic incident’

In papers filed with the Tribunal, Bogdanov claimed that she registered at LBS in 2005 and completed her thesis in 2008. She defended the thesis in a viva voce examination in July 2008, leaving the examination believing the degree had been conferred.

According to Bogdanov’s account, after returning to her apartment following the viva voce examination, she found her husband “in the act with two members of LBS faculty”. She said she was in a state of shock and immediately returned to South Africa, which later led to her divorce.

The Tribunal rejected this and stated in the ruling that “even though she alleges that she was so traumatised by the event in the flat involving her husband and two ladies from the LBS faculty, there is no logical excuse for failing to follow up with her supervisors regarding the required supplementation, nor for failing to address the traumatic incident involving its staff directly with LBS”.

“This, in all likelihood, is not true in the absence of contrary evidence.”

The Tribunal also rejected her claim that she believed the degree was conferred. “The examiners raised questions during the session to which she had to attend; however, she was convinced that a PhD had been awarded without addressing those queries. The above, on its own, is implausible.”

The Tribunal also noted that Bogdanov never supplied any copies of registration documents, thesis correspondence, or supervisor communications.

PhD from the University of Northampton

Bogdanov’s papers noted that she had subsequently obtained a Doctor of Business Administration from the University of Northampton.

The Tribunal acknowledged this but observed that, following the hearing, her attorneys provided information about the qualification without proof of its conferment. The Tribunal stated: “In our considered view, this is the same approach that the applicant ought to have taken in respect of the LBS PhD to both EOH and JSE.”

Moneyweb asked the University of Northampton to confirm whether Bogdanov studied there, but the university declined, citing data protection rules.

The Tribunal dismissed the application for reconsideration in its entirety, leaving the JSE’s sanctions intact.

Moneyweb reached out to Bogdanov for comment on the ruling, but she has not responded by the time of publication. We will add this response when we receive it.

This article was republished from Moneyweb. Read the original here.

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