“Show us your manufactured emails” - JSE slams Mantengu’s “fake” allegations in urgent court filing

Key topics:JSE files urgent High Court application compelling Mantengu to produce alleged whistleblower emails.Exchange says the emails are “fake” and accuses Mantengu of a media smear campaign.Case escalates after Mantengu repeatedly refuses to hand over evidence to regulators despite public claims.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..BizNews Reporter.The Johannesburg Stock Exchange (JSE) has launched an urgent High Court application against Mantengu Limited and its CEO, Michael Miller, demanding they either produce the evidence backing their "reckless" allegations of criminal conduct by JSE officials or be interdicted from making further defamatory statements.In court documents provided to BizNews by the JSE’s lawyers, Webber Wentzel (attached below), the exchange alleges that Mantengu’s evidence is fake. The mining company run by Mike Miller used these emails in an attempt to link a criminal syndicate to JSE executive director Zarina Bassa and JSE non-executive director Ian Kirk, the former CEO of Sanlam. The JSE also identifies the financial commentator who goes by the pseudonym of “The Finance Ghost”, chartered accountant Robert James Peche, as a central character in the saga. In his affidavit, Peche denies operating the email account shadowghost@protonmail.com to which the allegedly fake emails were sent. Top asset manager and BizNews tribe favourite Sean Peche, the founder of Ranmore, says Robert is a very distant relative whom he has never met or ever engaged with. In papers filed with the court on 7 November 2025, the JSE describes a campaign of "obfuscation" by Mantengu, which has publicly accused JSE directors of being part of a "criminal syndicate" manipulating share prices, but has steadfastly refused to provide the exchange with the emails it claims as proof.The "Smoking Gun" EmailsThe conflict centres on five emails that Mantengu claims to have received from a whistleblower on 18 September 2025. According to Mantengu, these emails evidence the involvement of JSE board members in a "systemic pattern of fraud" and share price manipulation.However, despite repeated statutory demands by the JSE—exercising its powers under the Financial Markets Act (FMA)—Mantengu has refused to hand over the emails for investigation.The JSE’s Director of Issuer Regulation, Andries Visser, states in the affidavit that Mantengu’s refusal is based on a claim that the Hawks instructed them not to release the information. The JSE dismisses this excuse as "false," noting that Mantengu had already shared copies of the emails with third parties, including their Designated Advisor, AcaciaCap.Furthermore, while refusing to provide the emails to the regulator, Miller published details about them on LinkedIn and in a sponsored article which Mantengu paid for in the newspaper BusinessDay on 4 November 2025.A History of ConflictThe relationship between the bourse and the mining company has been acrimonious since February 2024, when Mantengu first alleged its share price was being manipulated.According to the affidavit:The JSE reviewed the trading activity and referred the matter to the Financial Sector Conduct Authority (FSCA).The FSCA concluded an investigation, finding no evidence of manipulation or of JSE officials’ involvement.Dissatisfied with this exoneration, Mantengu successfully interdicted the FSCA from releasing its report.Mantengu subsequently lost two urgent court applications trying to force the JSE to publish SENS announcements about these allegations, with the court slapping Mantengu with a punitive costs order in October 2025 for abusing court processes."Highly Encrypted" ClaimsThe JSE argues that Mantengu is frustrating the exchange's statutory duty to ensure fair and transparent markets. Visser argues that if the allegations were true, Mantengu should be eager to provide the primary evidence. Instead, Miller has publicly stated that the email addresses are "highly encrypted" and linked to JSE directors only through "metadata analysis".The JSE has obtained affidavits from its directors and named employees, including Zarina Bassa and Ian Kirk, categorically denying any involvement in the alleged emails or conduct.The "Battle for Integrity"The JSE describes the situation as a direct threat to the reputation of South Africa’s financial markets. Mantengu’s sponsored media campaign explicitly warned companies to "think very, very carefully" before listing on the JSE, until the JSE has cleaned house.The JSE argues it cannot allow such serious allegations to remain unchecked while the accuser hides the supposed evidence. "This is a challenge to produce primary facts that support the allegations," Visser states. "Absent production of primary facts... Mantengu and Mr Miller should be interdicted from repeating those allegations".Relief SoughtThe JSE is asking the Gauteng High Court for an order:Compelling Mantengu to deliver the "emails" within 24 hours.Interdicting Mantengu and Miller from publishing further allegations that JSE directors are complicit in unlawful activities until authorities prove such allegations.Punitive costs on an attorney and client scale.The JSE asserts that if Mantengu truly believed in its "battle for the integrity of SA’s financial markets," it would cooperate with the regulator rather than run a media campaign while withholding evidence..Download and read all supporting documentation below

“Show us your manufactured emails” - JSE slams Mantengu’s “fake” allegations in urgent court filing

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