Mantengu's allegations against JSE executives: A closer look at some of the evidence

Evidence in the explosive allegations by JSE AltX-listed Mantengu Mining against certain JSE executives includes emails that appear to support the mining company’s claims of suspicious transactions of its shares, while the JSE says these correspondences may be “spoof email.”

Mantengu in May this year filed a criminal complaint with the authorities against several JSE executives and others about alleged share price manipulation that Mantengu's CEO Mike Miller alleged was aimed at depressing the company’s share price, claims that the JSE continues to roundly deny.

“There have been no credible facts, not any, primary or direct evidence produced that would justify a suspension or “garden leave” for any of the JSE directors,” said JSE Group legal and public policy director Louis Cockeran in response to BR questions about the matter.

Cockeran said an expert report had shown that one of the email addresses referred to as evidence had belonged to a person in Pennsylvania, US, another person had testified under oath he was not associated with the account or in any way related to Mantengu; while an email administrator said there was no record of any emails being sent by a JSE director to addresses, as claimed in the screenshot evidence.

“Lastly, all directors of the JSE have deposed to affidavits confirming they were not involved in any form of unlawful or illegal trading activity, and this evidence had been filed in the High Court,” said Cockeran. He said the Financial Sector Conduct Authority had also found there was no unlawful trading in Mantengu shares.

In an interview, Miller said there had been attempts on his life and death threats since approximately August 2024, and because he believes the share manipulation at Mantengu is part of a much bigger syndicate that is laundering billions of rand on the JSE, it was not an issue that he could simply walk away from.

He said he had voice recordings of conversations where plans were hatched to sink the share price of formerly listed property group Rebosis, adding that another JSE-listed CEO had been approached by the syndicate in this instance, to be part of the scheme. The company has collected more than 1 700 pages of evidence against the JSE, said Miller.

Miller said the charges laid in May had followed about 18 months of investigative work by the company and its advisors, and the aim of suppressing the share price seemed initially aimed at preventing a transaction to acquire the Blue Ridge Mine from Sibanye-Stillwater so that it could be bought by another bidder. Sibanye-Stillwater eventually sold Blue Rich Mine to Mantengu.

Mantengu had alerted the JSE about its concerns regarding the manipulation of its share price in 2024 already, to which the JSE allegedly failed to respond. Mantengu has lodged complaints with South Africa’s Serious Economic Offences unit and the National Prosecuting Authority.

On November 21, the Gauteng High Court will also hear an urgent application for an interdict by the JSE to prevent Miller from speaking about the matter until investigations are concluded in the matter,

“Given Mantengu’s refusal to provide the emails, the JSE launched urgent court proceedings against Mantengu and Mr Miller, in which an order for delivery of the emails and an interdict against Mantengu and Mr Miller to prevent them from further defaming the JSE is being sought,” said Cockeran.

Some of the emails, with addresses purportedly between certain JSE executives, received by Business Report, said for instance: “Keep it tight. Three hits only, no overkill. The account must look organic, not staged.”

Another email said: “For mag. Please know that their share price is stabilising. Do something.”

“Mag listing approved. Payment in Monero (a privacy-focused cryptocurrency) only,” said another email.

Another email said: “Queue the second wave only if MM shows movement. Otherwise, sit on it.”

Another said: “Pressure is mounting as Mantengu continues to challenge and appears to be getting more info. Talk to Zunaid and get him to back off. Leave Davies and Shayi to me. They know about the crypto accounts.”

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