Anushka Bogdanov, founder of ESG data science firm Risk Insights and former EOH director, has stepped down from her consultancy following a Johannesburg Stock Exchange (JSE) ruling. The JSE imposed a R500,000 fine and a 10-year directorship ban after discovering she falsely claimed to hold a PhD from the London Business School.
Bogdanov served as an independent non-executive director at EOH Holdings (now iOCO) from June 2019 until her resignation in July 2020. During her tenure, her CV and JSE declarations stated she held a PhD in International Financial Management and Mathematics from the London Business School. However, EOH later found she never obtained the degree, prompting a JSE investigation.
In a resignation letter dated 15 August 2025, Bogdanov confirmed her departure from Risk Insights. The scandal has raised questions about corporate governance and due diligence in executive appointments.
The letter sent to TechFinancials reads:
“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 capable and dedicated Team of Risk Insights shall continue to deliver the unparalleled and innovative solutions to Clients, whilst making the necessary contribution to Society by ensuring truly responsible corporate citizenship.
“I am further delighted that after an extended sabbatical we shall be joined by the foremost experienced Investment practitioner in our Country Dr Dan Matjila.
“Dr Dan Matjila, former Chief Investment Officer, and Chief Executive Officer of the Public Investment Corporation (PIC – the largest Asset Manager on African Continent) is joining Risk Insights as Director. Dr Dan brings unparalleled experience in the continent and global investment leadership having built and led the continent’s largest transformational asset manager. His expertise in capital markets, sustainable investing, transformative investments and long-term value creation will provide invaluable strategic guidance to Risk Insights.
“Andrey Bogdanov will continue as Director and Chief Executive Officer, and Kunaal Kalyan will continue as Director and Head of ESG Ratings.
“Risk Insights will remain under strong and capable leadership. Our commitment to delivering independent, high-quality ESG data and in sights to Africa and the world remains steadfast.
Anushka Bogdanov
Founder
Risk Insights
