Social and ethics committee director from top SA company caught with fake PhD

On 25 July 2025, the Johannesburg Stock Exchange (JSE) announced that it imposed censure and penalties on Anushka Bogdanov, a former director of EOH Holdings.

She was appointed as an independent non-executive director of EOH Holdings, now iOCO, and served as the chairperson of the social and ethics committee.

She was also a member of the governance and risk committee, the nomination and remuneration committee, and the lead independent non-executive director in February 2020.

Bogdanov resigned from EOH, effective 28 July 2020. When MyBroadband asked the company at the time why she resigned, they said it was for personal reasons.

“Anushka resigned as she has personal issues that she needs to deal. The chairman is dealing directly with her,” the company said in 2020.

However, it now emerged that Bogdanov admitted to lying about holding a PhD in International Finance, which she claimed to have obtained from the London Business School.

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.

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

The JSE stated that there were significant discrepancies and irregularities relating to the authenticity of her qualification and her statements and representations.

It added that independent verification and objective evidence raised serious concerns about the accuracy and reliability of the documentation submitted Bogdanov.

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 Bogdanov’s PhD qualification to its shareholders,” 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, Bogdanov’s actions demonstrate a grave violation of professional integrity and an unacceptable disregard for ethical standards,” it said.

Anushka Bogdanov’s company, Risk Insights

Anushka Bogdanov founded Risk Insights in 2009, an ESG‑focused data science and risk analytics company based in South Africa.

Risk Insights states that it is Africa’s first female-owned boutique firm specializing in data science with focus on ESG solutions.

The company uses Artificial Intelligence (AI) and Machine Learning (ML) techniques to create sustainable business practices and ESG education.

In 2017, Risk Insights launched ESG GPS, the first AI-driven ESG rating and disclosure suite of tools tailored for African-listed companies.

Bogdanov biography, published by the World Economic Forum, also referenced that “Dr Bogdanov” founded Risk Insights.

It stated that Bogdanov has 29 years of international risk management experience in investment, corporate and retail banking.

This led her to establish Risk Insights to provide risk consulting to various institutions in Southern Africa and worldwide.

“The Risk Insights ESG model was conceptualised and developed by the founder Dr Bogdanov together with a team of young data scientists,” it said.

The PhD scandal did not seem to harm Rick Insights. In December 2024, it partnered with INSEAD, one of the world’s leading business schools.

Meanwhile, Bogdanov responded and claimed that the JSE’s SENS announcement about her qualifications contains “factual inaccuracies and misrepresentations.”

She provided documents “in good faith and in full transparency,” and said she is “deeply concerned” about not being given a chance to respond.

Bogdanov is seeking legal advice and said she remains committed to resolving the matter.