Anushka Bogdanov Resigns from Risk Insights Amid PhD Fraud Scandal
Johannesburg – Anushka Bogdanov, the founder of the ESG data science company Risk Insights and a former director at EOH, has stepped down from her consultancy following a significant ruling from the Johannesburg Stock Exchange (JSE).
The JSE has imposed a fine of R500,000 and a 10-year ban on her from serving as a director, after it was uncovered that she falsely claimed to hold a PhD from the London Business School.
Bogdanov served as an independent non-executive director at EOH Holdings (now known as iOCO) from June 2019 until her resignation in July 2020.
During her tenure at EOH, her CV and declarations made to the JSE stated that she had earned a PhD in International Financial Management and Mathematics from the London Business School.
However, EOH later found out that she had never actually obtained the degree, prompting a JSE investigation.
In a resignation letter dated 15 August 2025, Bogdanov announced her departure from Risk Insights. This situation has raised conversations about corporate governance and the necessary diligence in executive appointments.
The letter sent to TechFinancials reads:“I wish to inform our valued stakeholders that I am resigning as a Director of Risk Insights immediately to prioritize my health and to focus on addressing issues arising from the recent SENS announcement made by the Johannesburg Stock Exchange (JSE) through the appropriate legal channels.
“I am taking this step to ensure I have the necessary space to thoroughly address the issue.
“This decision is made in the interest of our clients and our brand, and it does not imply any admission of liability regarding the allegations lodged against me.
“The skilled and dedicated team at Risk Insights will continue to provide innovative and unparalleled solutions to our clients while positively contributing to society by advocating for responsible corporate citizenship.
“I am also pleased to announce that, following an extended sabbatical, we will be welcoming one of our nation’s most experienced investment practitioners, Dr. Dan Matjila.
“Dr. Dan Matjila, the former Chief Investment Officer and CEO of the Public Investment Corporation (PIC – the largest asset manager in Africa), will be joining Risk Insights as a Director.
“Dr. Dan’s extensive experience in both continental and global investment leadership has shaped the largest transformational asset manager in Africa.
“His expertise in capital markets, sustainable investing, transformative investments, and long-term value creation will offer invaluable insights and guidance to Risk Insights.
“Andrey Bogdanov will continue in his roles as Director and CEO, while Kunaal Kalyan will remain as Director and Head of ESG Ratings.
“Risk Insights will continue to operate under strong and capable leadership.
“Our commitment to providing independent, high-quality ESG data and insights to both Africa and the international community remains steadfast.”
Signed;
Anushka Bogdanov
Founder
Risk Insights
*This article first appeared in our sister publication techfinancials.co.za