The bourse says Bogdanov failed to disclose she was under investigation during negotiations; Bogdanov claims she did.
The Johannesburg Stock Exchange (JSE) has cancelled its contract with governance consultancy Risk Insights and is demanding repayment of R1.3 million, after founder Anushka Bogdanov admitted to misrepresenting her PhD qualification from the London Business School.
The exchange rescinded the contract on 4 August, because Bogdanov failed to disclose that she was under investigation by the JSE’s Markets Division during the negotiation process leading up to the deal.
The JSE’s management company operates entirely independently from the Markets Division and was apparently not aware of the probe.
The Markets Division had been investigating Bogdanov’s qualifications since 2020, a process that stretched over five years. It culminated in a Sens announcement on 25 July 2025, which announced she was fined R500 000 and banned from serving as a director of any listed company for ten years.
Bogdanov is a former director of EOH Holdings, which is still listed on the JSE but changed its name to iOCO Limited last year.
The JSE said the sanction was imposed after Bogdanov finally admitted, in late 2024, that she did not hold the doctorate she had claimed to.
Bogdanov issued a statement on 21 August saying that Risk Insights had received a cease-and-desist letter from the JSE related to the contract.
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“We confirm that the JSE senior executives were informed of the investigation of Ms. Bogdanov while executing the contract between RI and JSE. Both documents received from the JSE refer to the incorrect date of the contract and therefore have been returned to JSE for clarification,” the statement read.
The JSE made the cease-and-desist letter – as well as other documentation – available to Moneyweb, which clarified that the incorrect date was the result of a typographical error. The letter instructed Risk Insights to stop stating in public that the JSE contract was still ongoing and that the JSE had not cancelled it.
This came after Bogdanov insisted in a YouTube video on 18 August that the contract was intact and, a day later, told a journalist that Risk Insights had not been informed of any termination. This was despite the company having been formally notified on 4 August that the contract had been rescinded.
The JSE is now demanding that Risk Insights repay R1 138 500 plus interest – the amount the bourse has paid the consultancy since February.
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Respond to questions
In response to Moneyweb questions, Bogdanov said Risk Insights had engaged with the JSE “in good faith” and that senior executives of the exchange were aware of the issues under investigation before the contract was implemented.
“I cannot go into the details of confidential discussions, but I can confirm that relevant information was provided to the appropriate JSE executives before the contract was implemented,” she said.
Bogdanov disputed the JSE’s position that its Regulation Division operates independently from its Commercial Division. “In practice, however, our experience has been different. The JSE’s commercial executives were aware of the regulatory process while implementing our contract. Yet, recently, the JSE sought to rely on the supposed independence of Regulation to justify rescission. This inconsistency raises questions: if the divisions were truly independent, then commercial agreements entered into in good faith, with disclosure, should not be undermined by regulatory actions that were already known at the time, especially when the investigation is against me, not Risk Insights.”
She further argued that Risk Insights had not received “proper and correct confirmation” of the termination. “The letter in question was sent to a generic email address without acknowledgement, and we were not directly engaged prior to its circulation. Moreover, the alleged letter was not referring to the appropriate legally binding documents.”
The JSE stated in a letter that the termination notice was sent to Risk Insight’s official email address and CCed to various individuals.
On the repayment demand, Bogdanov said: “The fact that you have this figure indicates that confidential financial matters covered by non-disclosure provisions have been shared externally.”
She also defended her 18 August YouTube podcast in which she said the JSE contract was still in force: “At the time of my podcast, no valid termination had been communicated to us. My statement reflected the facts as they were known to me at that point in time.”
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Resign as director
Bogdanov resigned as a director of Risk Insights on 15 August 2025. In a statement, she said she was stepping down to focus on legal and health matters.
“I wish to inform our valued stakeholders that I am stepping down as a director of Risk Insights with immediate effect to focus on my health and to dedicate time to addressing matters arising from the recent Sens announcement made by the Johannesburg Stock Exchange [JSE] through the appropriate legal processes.
“This step is being taken to allow me the necessary space to address the matter fully. This is done in the interest of our clients, our brand, and in no way as an admission of liability for the allegations levelled against me,” the statement read.
Dr Dan Matjila, a former CEO of the Public Investment Corporation, has been appointed to take over her responsibilities at Risk Insights.
This article was republished from Moneyweb. Read the original here.
