Wrap Text
CANCELLATION OF S497306 General – Censure imposed against the former director, Ms Thabi Leoka
GEN – General – The Former Director, Ms. Thabi Leoka
Censure imposed by the JSE on Ms. Thabi Leoka, a former independent non-executive director of Remgro
Limited, Netcare Limited, and Anglo American Platinum Limited
The JSE hereby informs stakeholders of the following findings in respect of Ms. Leoka:
BACKGROUND
1. Ms. Leoka served as an independent non-executive director on the boards of a number of companies
listed on the JSE, including Remgro Limited, Anglo American Platinum Limited, and Netcare Limited
(the "Companies"). Ms. Leoka has since resigned as a director of the Companies.
2. Upon Ms. Leoka's appointment as a director of the Companies, Ms. Leoka's curriculum vitae ("CV")
provided to the Companies stated that she held a PhD in Economics obtained from the London School
of Economics and Political Science, University of London, obtained in 2008. In addition, thereto, as
required by the provisions of Schedule 13 of the JSE Listings Requirements, Ms. Leoka submitted a
director's declaration to the JSE wherein she attested to and confirmed that all the answers and
information contained in this document are true which included her statement that she has a PhD in
Economics from the London School of Economics and Political Science, University of London.
3. Based on information contained in Ms. Leoka's CV sent to the Companies and the Schedule 13
declarations submitted to the JSE, the Companies made various disclosures to the market and public at
large in their SENS announcements and annual reports ("Companies' Disclosures"), specifically that
Ms. Leoka possessed a PhD in Economics and/or that she was a Doctor of Economics.
4. On 17 January 2024, the Daily Maverick published a report titled "Economist Thabi Leoka's PhD
appears to be a figment of her imagination". The report was covered extensively by the media
thereafter.
5. In light of the media reports, the JSE engaged with Ms. Leoka and afforded her ample time and
opportunities to make submissions and respond to the JSE's allegations regarding the authenticity of
her PhD qualification. Ms. Leoka was further requested to confirm, with supporting documentation,
the assertions included in her CV and Schedule 13 declarations that she possessed a PhD in Economics
obtained from the London School of Economics and Political Science, University of London in 2008.
6. Despite the numerous opportunities afforded to Ms. Leoka to provide the JSE with substantive
confirmation that she does in fact hold a PhD qualification, Ms. Leoka failed to make any submissions
or provide the JSE with any information refuting the specific claims that she made false statements by
misrepresenting her qualification in her CV to the Companies and in the Schedule 13 declarations
submitted to the JSE.
7. The facts and information at the JSE's disposal, including Ms. Leoka's failure to respond and the JSE's
efforts to verify the information, indicate that Ms. Leoka's statements that she holds a PhD in
Economics were false. As a result of these false statements and misrepresentation, the Companies in
turn, published Ms. Leoka's incorrect information in respect of her academic qualification in the
Companies' Disclosures.
JSE'S DECISION TO CENSURE MS. LEOKA
8. General Principles (v) and (vii) of the Listings Requirements require that all parties involved in the
dissemination of information into the market place, whether directly to holders of relevant securities
or to the public, observe the highest standards of care in doing so; and to ensure that the Listings
Requirements, and in particular the continuing obligations, promote investor confidence in standards
of disclosure and corporate governance in the conduct of the affairs of the company/ies and the
information disclosed to the market.
9. Accordingly, the JSE found Ms. Leoka in breach of the provisions of General Principle (v) and (vii) of the
Listings Requirements for misrepresenting her qualification in her CV to the Companies and in her
Schedule 13 declarations submitted to the JSE, and the Companies in turn, published her incorrect
academic qualification in the Companies' Disclosures.
10. Ms. Leoka's conduct in making false statements in her Schedule 13 declarations was exacerbated by
her refusal to acknowledge or engage with regulatory correspondences, or to cooperate with the JSE's
investigation. Ms. Leoka's failure and/or refusal to respond to the JSE's queries indicate a lack of
commitment to her compliance with the Listings Requirements and is anathema to transparency and
accountability which are fundamental cornerstones of sound corporate governance, and the
regulatory structure established by the Listings Requirements. Further, Ms. Leoka's failure and/or
refusal to respond to the JSE's queries and concerns obstructed the JSE's investigation and its duty to
enforce the provisions of the Listings Requirements.
11. Any director, and especially a director of a listed company, must be held to the highest standards of
corporate governance, compliance, transparency, and ethical behavior, with a duty to always act in the
best interests of the company, taking cognizance of its stakeholders, and the broader market. Ms.
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. Furthermore, her ongoing
disregard of the JSE's repeated attempts to engage with her compounds the JSE's concerns, signaling a
disconcerting lack of accountability and commitment to her obligations to the JSE, the Companies and
the investing public.
12. After a careful consideration of all these facts and circumstances, the JSE has decided to impose the
following penalties on Ms. Leoka:
(a) a public censure and a fine of R500 000 (five hundred thousand rand); and
(b) immediate disqualification from holding the office of a director or officer of a company listed
on the JSE for a period of 5 (five) years.
15 November 2024
Date: 15-11-2024 11:21:59
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
