Mantengu Mining’s shareholder letter and CEO Mike Miller’s YouTube video aren’t just accusations they’re a policy wake-up call. Alleging a syndicate has co-opted JSE insiders for share-rigging, the disclosure demands we ask: Is South Africa’s stock exchange safeguarding investors, or enabling predators?
Policy gap one: Detection failures. The syndicate allegedly crashes prices with short-selling, hides via nominees and round-tripping to evade 35% rules, then forces delistings for asset grabs. Mantengu’s 2024 plunge despite profits and funding triggered their probe, yielding five hours of recordings, 500 pages of transcripts, and a delisted CEO’s confession of extortion via luxury vehicles.
Gap two: Insider accountability. Whistleblower emails implicate JSE board directors in manipulation instructions, “back off” orders, and crypto payments. Miller’s February 2025 report went ignored breaching the JSE’s ethics code.
Gap three: Law enforcement vulnerabilities. Hawks docket opened in March, hijacked in Randburg, refiled in Pretoria to avoid “influenced” precincts. This exposes jurisdictional loopholes.
Personal policy angle: Miller’s two assassination attempts highlight whistleblower protection deficits.
Policy whispers: Some see echoes of the Moti Group’s alleged fraud tactics. No proof, but it underscores need for broader probes.
Policy fix: Mandatory crypto reporting, independent hotlines, safe-harbour filings. Until then, Mantengu’s warning stands listings are risky business.