Mantengu Mining accuses JSE, FSCA of failing to act on alleged share manipulation

Key topics:Alleged emails link JSE director to manipulation, crypto payments, and covert directivesExpert analysis claims recordings reveal deliberate share-price rigging via OTC optionsMantengu accuses regulators of obstruction, expanding criminal cases to NPA, FBI and FinCENSign 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.Mantengu Limited (MTU), a JSE AltX-listed mining investment company, has publicly announced an aggressive escalation of its conflict with the Johannesburg Stock Exchange (JSE) and the Financial Sector Conduct Authority (FSCA), detailing explosive allegations of coordinated share manipulation, internal regulatory malfeasance, and money laundering.Mantengu, which oversees the Langpan chrome mine supporting approximately 400 jobs, asserts that the JSE has systematically ignored its warnings, forcing the company to launch criminal complaints with South Africa's Serious Economic Offences unit, the National Prosecuting Authority (NPA), and to prepare submissions for the US Federal Bureau of Investigation (FBI) and FinCEN..Why Allan Thomson resigned from the JSE.Allegations of inside collusion surface via emailsThe core of Mantengu’s claims rests on material gathered during a lengthy and costly internal investigation into its own share price movements. In mid-September 2025, Mantengu received copies of emails that allegedly involved Ms. Zarina Bassa, a JSE director, communicating with two other individuals regarding share price manipulation, inside information, and untraceable cryptocurrency payments.Forensic metadata analysis conducted by SJ Trent INC. reviewed five electronic images (JPEGs) of the purported emails. The analysis confirmed that the email address zari@absamail.co.za, purported to belong to Zarina Bibi Mahomed Bassa, is linked to her ID number.One image captured an email purportedly from Zarina Bassa to the recipient ‘shadowghost@protonmail.com’ with the subject "mag," instructing: "Keep it tight Three hits only, no overkill. The account must look organic, not staged".Another email reviewed was purportedly sent from ‘iwk kirk’ (iwk432@gmail.com) to Bassa’s address with the subject "do something," stating: “for mag please know that their share price is stabilizing, do something. Iwk”. A separate communication, received by ‘shadowghost’ on September 15, 2025, titled "Pause of strategy / remain organic," read: “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 crypto accounts. IWK”. The forensic analysis, while confirming Bassa’s identity link, recommended obtaining the original emails and sworn statements for full verification..O’Sullivan’s new tormentor: JSE-listed company CEO alleges Paul’s a “sellout” to criminal enterprise.Expert confirms intent to conceal manipulation tacticsMantengu’s concerns were further bolstered by expert analysis of confidential audio recordings obtained in late May 2025, which allegedly detail a criminal syndicate, reportedly headed by Zunaid Moti, planning the downward manipulation of the Rebosis share price.Allan Ralph Thomson, former JSE Director of Trading for nearly ten years, provided an expert opinion on the recordings. Thomson noted the discussions centred on using Over the Counter (OTC) options to transfer shares. The options, which are largely unregulated, were referred to as a "mechanism to reach an outcome that works for the JSE," but were described by participants as "a proper sale at 60 cents".Thomson’s assessment found that the participants were actively seeking to conceal the true nature of their transactions from the JSE. Dialogue suggested transferring shares via Block Trades at differing volumes to avoid attracting attention, emphasising that identical trade volumes would "show towards a certain common point" which the parties were anxious to conceal. Thomson concluded that the language used implied an intention to wilfully manipulate the share price, constituting a prohibited trading practice under Section 80 of the Financial Markets Act. He described the language as "closely aligned to subterfuge, skulduggery and with more than an implied hint of malfeasance"..Zunaid Moti on Mantengu CEO Miller: “Game ranger turned corporate poacher is another Markus Jooste.”.Regulators accused of inaction and obstructionMantengu claims that its attempts to engage with regulators were repeatedly stonewalled. Mantengu Chairman Alistair Collins emailed JSE CEO Leila Fourie in April 2024 outlining the initial manipulation concerns and requesting a meeting, but he was "totally ignored". Mantengu CEO Mike Miller noted that the ongoing conflict had escalated to the point where his executive, including his family, were forced to employ armed security.Mantengu is currently taking the FSCA’s investigation report on review, alleging it is "fatally flawed". CEO Miller confirmed that in January 2025, he informed the FSCA that a proper investigation required accessing IT equipment to establish collusion links between various parties. Mantengu asserts that the FSCA declined to wait for this evidence, rushed its conclusion under "significant pressure" from the JSE, and found the concerns baseless by evaluating each trade in isolation.The company’s attorneys demanded that the JSE either provide Mantengu’s share trade data under a confidentiality agreement or waive compliance with the Access to Information Act so MTU could compel the release of the data via a High Court application. Mantengu warned that if access was refused, it expected to be joined by other JSE-listed entities that have suffered from the same manipulation modus operandi.Mantengu is expanding its criminal complaint to include money laundering and racketeering, noting that its US Dollar transactions and links to US sanctions lists provide jurisdictional grounds for reporting the matter to the FBI and FinCEN. Despite the severe conflict, Mantengu maintains that its primary goal is to remain listed on the JSE and achieve a positive working relationship.

Mantengu Mining accuses JSE, FSCA of failing to act on alleged share manipulation

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