NETCARE LIMITED - Censure imposed by the JSE against Ms Thabi Leoka, former director of Netcare Limited

Censure imposed by the JSE against Ms Thabi Leoka, former director of Netcare Limited

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 

Further to the censure published by the JSE on SENS at 7h05 this morning, minor amendments were made 
to paragraph 4 of the censure. 

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 16 January 2024, the Business Day published an article followed by the Daily Maverick on 17 
	January 2024 regarding the veracity of Ms. Leoka's PhD qualification. The reports were covered 
	extensively by the media.  

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 11:22:00
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