Mantengu Mining’s latest shareholder disclosure isn’t just a letter—it’s a forensic dossier accusing a criminal syndicate of weaponizing the JSE for asset grabs. CEO Mike Miller’s accompanying YouTube video methodically unpacks the evidence, turning what could be dismissed as paranoia into a credible case for regulatory overhaul.
Let’s break it down step by step. The syndicate’s alleged strategy targets vulnerable JSE-listed firms, particularly juniors like Mantengu. Phase one: Manipulate the share price downward using coordinated short-selling. Phase two: Employ nominee accounts and round-tripping—buying and selling shares among controlled entities—to mask beneficial ownership and avoid tripping the 35% mandatory offer rule under JSE regulations. Phase three: Push the company toward business rescue or delisting through sustained pressure. Final phase: Acquire assets at distressed valuations, recapitalise, and profit while shareholders absorb the losses.
Mantengu’s internal investigation, triggered by its 2024 share plunge (from R1.20 to 8c amid positive fundamentals like R2.96 million half-year profits), yielded compelling data points:
Quantitative red flags abound. Mantengu’s price drop coincided with unusual volume spikes—trades that Miller says evaded detection by cycling through multiple buyers/sellers under syndicate control. The goal? Sabotage acquisitions like Mantengu’s Blue Ridge platinum deal, forcing fire-sales.
The JSE connection is the dossier’s core metric. A whistleblower provided email chains involving two board directors and a third party. Key excerpts (redacted but described):
