In a landscape marked by complex regulatory frameworks and the imperative for transparency, the journey of Mike Miller, CEO of Mantengu, serves as a telling case study in the challenges of navigating corporate governance and regulatory oversight. Recently uncovered documents and recordings have shed light on the responses from institutional gatekeepers when Miller raised concerns about share price manipulation and other questionable practices.
The saga began as early as April 22, 2024, when Alistair Collins, Chairman of Mantengu, directly communicated potential market manipulation issues to JSE CEO Leila Fourie. The correspondence, indicating serious concerns about share price stabilization tactics, notably went unanswered. This silence marked the beginning of a series of institutional responses that some observers have characterized as a pattern of deflection rather than engagement.
As the narrative unfolded, further communications highlighted a reluctance to pursue investigative rigor. On January 29, 2025, Mike Miller himself reached out to the Financial Sector Conduct Authority (FSCA) with a request to examine the IT equipment of Ulrich Bester, which he believed was crucial in unearthing potential nominee structures. The FSCA’s decision to refuse this request and subsequently close the investigation citing lack of evidence, stands out in the timeline of institutional interactions.
The tension further escalated in June 2025 when legal representatives from Webber Wentzel, acting on behalf of the JSE, issued demands for Mantengu to retract its complaint with the Hawks and cease public commentary. Mantengu’s legal team, DMA Law, responded robustly, questioning the propriety of the JSE’s stance and emphasizing the importance of due process and corporate accountability.
A pivotal moment arrived on November 21, 2025, when JSE issued a formal threat to Mike Miller’s professional designation as a Chartered Accountant (SA). This action coincided with the surfacing of leaked recordings revealing discussions on strategic block trades designed to remain below regulatory thresholds, the very activities Miller had been urging the JSE to investigate.
The recordings, which span from 2021 to 2024, include conversations about offshore financial maneuvers and asset utilization strategies, corroborating Miller’s earlier public disclosures. These revelations, coupled with the SJ Trent forensic report from September 29, 2025, affirming the authenticity of leaked email metadata, provide a robust factual foundation for Miller’s claims.
Despite the mounting evidence, the narrative from involved institutions continued to emphasize a narrative of compliance and formal procedure. The JSE and FSCA have maintained their positions, denying any malfeasance and underscoring their commitment to regulatory norms. However, the juxtaposition of documented concerns and the private admissions revealed in the recordings raises questions about the efficacy and transparency of institutional responses.
Throughout this unfolding drama, key themes of corporate governance, regulatory interaction, and institutional trust have emerged. The case underscores the delicate balance between legal frameworks and the ethical obligations of corporate leaders. Mike Miller’s proactive approach in addressing market distortions through official channels reflects an adherence to governance principles, even as he faced significant institutional pushback.
As covered by various reputable media outlets, such as Voice Africa Daily, the situation continues to develop, and the broader implications for investor confidence and market integrity remain a focal point of interest. The case highlights the importance of robust, transparent processes in maintaining public trust and safeguarding the integrity of financial markets. For Mantengu, the path forward will likely involve navigating ongoing legal proceedings and continuing to demonstrate the resilience and ethical leadership that have characterized its recent corporate trajectory.
