O’Sullivan’s new tormentor: JSE-listed company CEO alleges Paul’s a “sellout” to criminal enterprise

Mantengu CEO Michael Miller fires back at Paul O’Sullivan, calling him a “sellout” to a criminal enterprise linked to controversial businessman Zunaid Moti. In this explosive interview with Alec Hogg, Miller claims O’Sullivan took money and shares to withdraw sworn affidavits — and accuses the Johannesburg Stock Exchange of covering up share manipulation. With death threats, legal battles, and accusations flying, this is one of the most explosive BizNews interviews yet.*Zunaid Moti has requested a Right of Reply to allegations made in this interview. We will conduct the interview with him next week..Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.Support South Africa’s bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here..Watch here.Listen here.BizNews Reporter.When Mantengu Mining CEO Michael Miller sat down with Alec Hogg, he didn’t hold back. The JSE-listed boss has launched a fierce counterattack against two of South Africa’s most talked-about figures — businessman Zunaid Moti and crime fighter-turned-controversy magnet Paul O’Sullivan. Miller claims the pair have conspired to manipulate Mantengu’s share price, calling O’Sullivan “a coward” and “a sellout who traded his integrity for money and shares.”Miller says his company uncovered a network of trades designed to crash Mantengu’s share price. He describes a “criminal enterprise” using the Johannesburg Stock Exchange to bleed small companies dry. “It’s not theory — we’ve got evidence,” he insists, pointing to court filings, recordings, and documents he says have already been handed to the Hawks.It all started when Mantengu executed what’s known as an Anton Piller raid — a high court–authorised search allowing investigators to seize IT equipment and evidence of alleged market manipulation. According to Miller, the raid revealed a pattern of suspicious trades that couldn’t have happened by accident. He claims the shares were being “round-tripped” — bought and sold by the same people to create an illusion of market activity while steadily driving down the company’s value.Then, Miller says, Moti “injected himself” into the story. During the raid, Moti allegedly reached out, asking for a meeting. Miller recalls being stunned when Moti told him he would “short Mantengu’s stock to 10 cents.” Moti, he says, “lies, cheats, steals — and hires bullies to do his dirty work.” That’s where, in Miller’s telling, Paul O’Sullivan enters the picture.“Anyone who poses a threat to Moti, O’Sullivan attacks,” Miller claims. “He’s not the hero people think he is. He’s in business with Moti. He’s borrowed money from him. He’s withdrawn sworn affidavits in exchange for shares and cash. That’s selling out.”O’Sullivan, for his part, flatly denies it. He says there was only a property transaction with one of Moti’s companies, not a corrupt deal. But Miller insists he has the paperwork — a settlement agreement that, he claims, includes attached affidavits O’Sullivan agreed to withdraw. “I’m not alleging,” he tells Hogg. “I’m stating.”The stakes for Miller and Mantengu are high. The company’s share price has plummeted, and Miller says it’s no coincidence. He accuses a “syndicate” of manipulating stocks across the JSE to destroy listed firms, buy up the wreckage, and strip the assets. “It’s a cancer in the market,” he says. “You can either ignore it and let shareholders be hurt, or you fight it head on.”That fight has been costly. Mantengu recently lost a court case against the JSE after the exchange blocked the company from issuing a SENS announcement about its criminal complaint. Miller says the judgment is “perplexing” and vows to appeal. “If this can happen to us, it can happen to anyone,” he says. “We have death threats, we’ve had an attempted hit on our convoy, and we’re still standing. We’re not backing down.”The allegations don’t stop there. Miller claims Mantengu has recordings exposing how the alleged syndicate launders money, bribes officials, and manipulates share prices. “We’re dead certain it’s the same network working against us,” he says. “The JSE doesn’t want people to know it’s vulnerable, but it is.”Miller says his decision to go public has made him a target. “We didn’t pick this fight — Moti and O’Sullivan injected themselves into our system. Now I’ve got 24-hour security for myself and my family. My convoy was hit on the N3 last week. They hit the wrong car. This isn’t about ego; it’s about survival.”Despite the chaos, Miller insists Mantengu’s fundamentals are solid. “We made about R350 million in profit last year. Our mining assets are worth far more than our market cap. This manipulation has nothing to do with the business itself — it’s an orchestrated attack.”When asked whether the juice is worth the squeeze, Miller’s answer is blunt: “I can’t stand bullies. If I back down, they win. I owe it to my shareholders and to South Africa to fight.”The interview closes with a broader warning. Miller says the alleged corruption infecting the exchange threatens investor confidence in the entire market. “We need an independent investigation into the JSE. All the data is there. Let’s prove there’s integrity — or fix it if there isn’t. This isn’t Mantengu versus the JSE. It’s about protecting the system.”Whether Miller is exposing a real criminal enterprise or fighting ghosts only the Hawks will decide. But one thing is clear: the gloves are off. As Alec Hogg notes, “We’ve seen this movie before.”Miller isn’t blinking. “They’ve picked the wrong listed company,” he says. “And I’m not going away.”

O’Sullivan’s new tormentor: JSE-listed company CEO alleges Paul’s a “sellout” to criminal enterprise

Related Stories

BizNews Edge: Alec Hogg weighs in on DiData, answers questions on ABC/Altvest

BizNews Edge: Unpacking both sides of the DiData Campus deal with David Shapiro

Rebuilding the Fortress: Steven Brown on turning around one of the JSE's toughest situations

Peregrine Capital launches Building Conviction, a podcast on the leaders behind exceptional businesses — starting with OUTsurance’s Marthinus Visser