JSE censures and fines Mantengu over unverified market claims

The JSE has censured mining investment company Mantengu and fined it R100 000 over what it says are speculative and unverified claims made in May 2025 alleging manipulation of its share price.

In a statement issued yesterday, the JSE says the fines will be suspended for three years on condition that it does not again breach the relevant listings requirements imposed by the exchange.

This follows publication in May 2025 of a complaint where Mantengu alleged a sophisticated criminal syndicate had conspired to drive its share price down for the purposes of disrupting its growth strategy. A lower share price robbed it of the currency with which to make acquisitions.

The allegations included possible naked short selling, which is illegal. The Financial Sector Conduct Authority found no evidence of this or of market manipulation.

Among those named in the Mantengu allegations were senior individuals within the JSE, all of whom have denied any involvement.

Read:
Mantengu barred from publishing share manipulation allegations against JSE
JSE wants Mantengu to show emails ‘proving’ share manipulation claims
FSCA finds no evidence of naked shorting at Mantengu Mining

In November 20205, the Joburg High Court ordered Mantengu and its CEO Mike Miller to cease publishing allegations that the JSE, its directors, or employees were involved in wrongdoing relating to the claimed manipulation of its shares.

The latest censure from the JSE is another blow to Mantengu, whose share price has dropped 26% since the start of the year. Yesterday it traded at 37c.

Mantengu share price

Giving its reasons for the censure and fine, the JSE says Mantengu’s announcements in May 2025 did not constitute price sensitive information as defined in the exchange’s listings requirements.

Directors of companies listed on the exchange need to exercise discretion in determining what constitutes price sensitive information.

“However, such discretion is not absolute and must be exercised objectively in accordance with the Listings Requirements, rather than in isolation,” says the JSE in a statement.

The Mantengu announcements were neither specific nor precise as defined in the listings requirements, nor was it price sensitive. Mantengu went outside the Sens platform, broadly disseminating its criminal complaint to the media last year.

The JSE says its Sens platform exists to provide timely, equal and accurate information to the market so that investors can make informed decisions.

“The content of the [Mantengu] announcements consisted of allegations, suspicions and assertions that had not been substantiated or verified at the time of publication. In the absence of supporting facts or evidence, the information lacked the degree of certainty required to render it specific and precise and did not provide the market with a clear and reliable basis for decision-making,” says the JSE.

Read: JSE issues cease and desist to Mantengu over share manipulation claims

When Mantengu made the announcements, the company’s designation advisor – who initially approved them – subsequently requested that they be withdrawn as they did not comply with the listing requirements.

“The JSE considers the Company’s conduct in these circumstances to be of a serious nature. The failure to retract non‑compliant disclosures, despite engagement by the JSE and the advice of its designated advisor, demonstrates a disregard for the obligations imposed on issuers under the Listings Requirements and undermines investor confidence in the standard and reliability of information disseminated to the market.”