The academic qualifications of popular economist, Thabi Leoka, caused a storm on social media after reports surfaced of how much she was paid to be a director on some of the companies.
Leoka was accused of faking her PhD degree which she purportedly attained from the London School of Economics (LSE).
Leoka, who served as economic advisor to President Cyril Ramaphosa, is said to have only a Master’s degree.
Since the news broke, MTN South Africa yesterday announced that it had accepted Leoka’s resignation from its board.
Leoka also left the board of mining giant Amplats. She is also no longer a member of the Presidential Economic Advisory Council.
On social media, many people have left with more questions than answers.
One user asked how was Leoka allowed to be on many companies board of directors in the country.
@VusumuziWaZweli tweeted, “What special skills even with the 'PhD' did Thabi Leoka possess to be on so many boards.”
What special skills even with the 'PhD' did Thabi Leoka possess to be on so many boards - Anglo American Platinum, MTN, Remgro. This is how BEE created billionaires instead of distributing wealth among thousands😳https://t.co/PrBgKTqhR4 via @News24_Business
— Vusumuzi (@VusumuziWaZweli) January 22, 2024
Another user said that the companies should be held liable for hiring her to their boards.
“ They are accomplices to this saga and must equally account. The least said about government, the better,” @TheBlackspice said.
All these corporate companies that are now disowneing (Dr)#ThabiLeoka are disingenuous. They are accomplices to this saga and must equally account. The least said about government, the better. It's sad.
— Msizi (PhD Civil Eng, Pr. Pln) (@TheBlackspice) January 22, 2024
Meanwhile, @MaanoMadima posted on X how much Leoka earned while serving on the boards of Remgro, Netcare and Anglo American Platinum.
Director fees Thabi Leoka received recently:
— Madima (@MaanoMadima) January 22, 2024
Remgro Ltd: R103k* (FY23)
Netcare: R582k (FY22) and R809k (FY23)^
Anglo American Platinum Ltd: R1 036 880 (FY22) and R948 342 (FY21)
*appointed 22 Mar 2023, year end was 30 Jun 2023.
^resigned 8 Mar 2023. Appointed 1 Jan 2022 pic.twitter.com/eZY296nu1i
Independent Media reported that the economist has denied she falsified her doctoral qualifications after an expose by a business publication which claimed it was one of the reasons she had been axed from the board of Remgro, a company owned by billionaire Johann Rupert.
Leoka has indicated that she will be taking legal action against “Business Day” for publishing the claims on Tuesday. She said she left Remgro for health-related reasons.
BUSINESS REPORT