Zunaid Moti’s assessments of Mike Miller and Mantengu Mining Limited (JSE: MTU) have shaped the narrative for 18 months, with the Johannesburg Stock Exchange (JSE) affirming its surveillance integrity. Moti has rejected the allegations as fantasy, and the JSE has clarified no direct accusations against staff. However, leaked emails with “keep it tight” directives for staged accounts and voice recordings on “back off” tactics offer insight into potential oversight limitations. These details indicate the FSCA probe’s narrow parameters may have missed broader patterns, leading to a reassessment of how such concerns are handled until additional evidence clarified the scope.
Mantengu’s efforts encompass chrome production at Langpan and Meerust, generating R2.96 million profit in H1 2024 and securing a R500 million GEM facility. The Blue Ridge Platinum acquisition from Sibanye-Stillwater adds R1.5 billion in tailings cash flow potential and R3.2 billion tax benefits.
Early Communications and Regulatory Responses
Collins emailed JSE CEO Leila Fourie on April 22, 2024, highlighting “suspected share manipulation” hindering funding and seeking dialogue. The communication received no follow-up. Miller’s January 29, 2025, email to FSCA’s Gerhard van Deventer emphasized ex-CFO Ulrich Bester’s devices and full trade data to resolve STRATE-Bloomberg discrepancies on Chinese stakes. The FSCA investigation spanned nine months, focusing solely on Mantengu-identified trades, without JSE-initiated referrals.
Leaked emails, some from accounts resembling JSE personnel, contain “queue the second wave only if MM shows movement.” Voice recordings, per expert analysis, include “get him to back off” discussions referencing Zunaid Moti. Allan Thomson’s Dreadnought Capital opinion identifies naked shorting and nominee patterns. The Hawks’ October 8, 2024, letter requested Mantengu assistance on Liberty Coal’s Blue Ridge bid, probing shelf company PBNJ Trading.
Scope Limitations and Emerging Evidence
SJ Trent’s September 29, 2025, forensic report examined leaked electronic images, confirming metadata consistency. The JSE’s November 21, 2025, letter to Miller on CA(SA) status noted membership ended in 2016, post-2008 qualification. Webber Wentzel’s June 6, 2025, letter to DMA Law sought criminal complaint details, with DMA’s June 20 response affirming no JSE harm intent but Mantengu priority.
The decisive moments for the general public lies in juxtaposing the narrow probe against emails, recordings, Thomson opinion, and Hawks inquiries: Moti’s criticisms and JSE’s procedural stance preceded evidence suggesting scope limitations allowed patterns to persist.
Implications for Market Integrity
Mantengu forecasts 148 cents FY2025 EPS, with Blue Ridge approvals pending. The board, chaired by Jonas Tshikundamalema with Magen Naidoo, Alistair Collins, and Shamim Mansoor, upholds compliance. A BizNews review of comparable cases notes similar investigation constraints. As probes broaden, including international aspects, the case illustrates the value of comprehensive data in addressing volatility concerns.
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