Former EOH independent non-executive director Anushka Bogdanov has used LinkedIn to criticise the Johannesburg Stock Exchange (JSE) for what she says were flawed governance processes.
This, after the JSE publicly censured her for claiming to hold a PhD she apparently failed to verify during a five-year engagement with the bourse.
A LinkedIn page owned by an “Anushka B” states that “she has submitted all supporting documentation from accredited institutions, including her doctoral research, to the JSE in good faith and in full transparency”.
However, Andre Visser, the JSE’s director of Issuer Regulation, tells ITWeb that Bogdanov did not verify a PhD she claimed to have while an EOH director.
“We specifically confirm that Bogdanov did not (nor could she) submit the required supporting documentation for the PhD qualification she falsely stated to have obtained in 2007/2008,” he says.
Visser adds that Bogdanov did submit documents, but this pertained to her recent academic activities and did not relate to her qualification that was the subject of the JSE’s investigation.
Her LinkedIn profile lists a PhD from the University of Northampton, received this year, and a Bachelor’s degree from the University of KwaZulu-Natal. It does not make mention of the qualification that is in dispute.
The JSE sanctioned Bogdanov after finding she had falsely claimed to hold a PhD in International Financial Management and Mathematics from the London Business School, achieved in 2007/08. Based on this claim, EOH listed her as “doctor” in regulatory filings and annual reports.
EOH has since been rebranded as iOCO following a clean-up of a scandal involving falsified financial statements.
Jenny Reid, director of authentication company iFacts, tells ITWeb it is insufficient for candidates claiming a qualification to provide their own documents, as these must be independently verified.
Reid explains that agencies investigating the validity of qualifications require not only a copy of the certificate showing the student number, but also an indemnity signed by the candidate authorising the verification.
In a statement to iOCO shareholders, the bourse said Bogdanov was fined R500 000 and banned for 10 years “from serving as a director or officer of any JSE-listed company”.
Bogdanov’s LinkedIn profile describes her as “an award-winning ESG and risk specialist, business leader, academic and founder of Risk Insights, Africa’s pioneering AI-driven ESG data platform”.
It lists roles as including deputy risk officer at Absa in 2009, senior positions at Nedbank where she served as head of value analytics and risk – general, and a directorship at Fitch Ratings.
The JSE said Bogdanov was appointed as an independent non-executive director of EOH on 20 June 2019 and resigned with effect from 28 July 2020. Bogdanov’s LinkedIn page does not mention her position at EOH.
After EOH established that “Bogdanov falsely stated she had obtained a PhD in International Finance from the London Business School or any other institution during 2007/08 or at any other time,” the matter was escalated to the JSE.
The London Business School’s website lists the PhDs it offers as those in accounting, economics, finance, management science and operations, marketing, organisational behaviour, and strategy and entrepreneurship.
In 2020, the JSE asked Bogdanov to provide proof of her degree. According to the exchange, she repeatedly requested extensions, citing “a variety of issues and personal circumstances that prevented her from dealing with this issue in a timely manner”.
Four years later, Bogdanov “confirmed and admitted to the JSE that she did not have a PhD degree from the London Business School,” the exchange added, before sanctioning her this month.
Factually false
Bogdanov’s LinkedIn page, which has no profile image, disputes the JSE’s findings, saying the announcement “contains several factual inaccuracies and misrepresentations”.
It also states that “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”.
It raises concerns about “both the content and the governance processes” of the JSE’s statement, including that she did not have a “reasonable opportunity to respond prior to its publication”. Bogdanov says she “has sought legal advice and remains committed to engaging constructively with all relevant parties to clarify and resolve this matter”.
Visser notes: “Bogdanov objected to the JSE’s preliminary decision, provided the JSE with reasons for her objection but elected not to comment on the contents of the draft SENS announcement that was provided to her.”
Bogdanov did not respond to a request for comment from ITWeb via LinkedIn.
Misrepresenting qualifications can result in a “hefty” fine or jail time of up to five years, says Reid. “Verification checks are indeed vitally important and should form part of the application process. Conducting these checks will protect the employer against the potential risk of financial damages as a result of an applicant’s misrepresentation,” she says.
Reid adds that companies are often desperate to fill vacancies and appoint someone they believe meets all the minimum requirements for the job, only conducting checks later.
ITWeb’s research found several degree mills that have since been shut down, including those offering “life-experience” qualifications, such as Rochville University, Atlantic International University, Rutherford University and Almeda University. Many websites also sell “templates” for PhD certificates, which can be downloaded and edited, some complete with an official-looking “red seal”.
There is also a London School Business Online, which has a South African number and WhatsApp contact, that offers “affordable internationally recognised online courses”. It claims to have 12 000 students in 100 countries and says its courses lead “to Diplomas, Bachelors, Masters, MBA and Doctoral Degrees with UK and other universities”.
Share