The Financial Services Tribunal has upheld sanctions against former EOH Holdings director Anushka Bogdanov, dismissing her application to overturn penalties imposed by the Johannesburg Stock Exchange (JSE). Bogdanov was found to have deliberately and fraudulently misrepresented her academic qualifications by submitting forged documents claiming a PhD in International Financial Management and Mathematics from London Business School. The Tribunal affirmed the JSE's decision to publicly censure her, impose a R500,000 fine, and ban her from holding directorships in JSE-listed companies for ten years. Investigations revealed significant anomalies in her purported PhD certificate, which London Business School confirmed as fraudulent. Despite opportunities, Bogdanov failed to provide credible evidence of her qualification, offering implausible explanations for the missing records. The tribunal concluded that the misrepresentation was intentional and fraudulent, noting the prolonged pattern of deception.