The Johannesburg Stock Exchange (JSE) has come out swinging against Mantengu Mining Limited, ordering the company to retract what it calls “serious and defamatory allegations” of share price manipulation against key exchange executives.
In a strongly worded cease and desist letter sent on May 10, 2025, the JSE — through its attorneys at Webber Wentzel — denied any wrongdoing. It also warned of legal action, and demanded a full public retraction from Mantengu.
False conjecture and speculation
The legal salvo, addressed to Mantengu and its representative Janine Hills, accuses the mining company of spreading “false conjecture and speculation” through a series of documents, including a SENS Announcement and a media release dated May 8.
The JSE claims these materials contain unsupported accusations. These implicate the exchange, its CEO Dr Leila Fourie, non-executive director Ms Zarina Bassa, employee Mr Jacob Shayi, and Mr Ian Bird, the husband of Ms Bassa.
“Mindful of the above, the allegations made by you, in particular that our clients were involved or complicit in criminal activity or share price manipulation, are denied by our client in the strongest possible terms,” said Michael Straeuli, a partner at Webber Wentzel, in the letter.
Straeuli pointed out that Mantengu’s share price manipulation claims had already been investigated by the JSE. And that “no evidence of share price manipulation” found.
Financial Sector Conduct Authority
He further stressed that the Financial Sector Conduct Authority (FSCA) is the correct body to handle such allegations, not the JSE.
“This is not a conspiracy — the FSCA’s watchdog functions are designated to it by statute,” the letter reads.
The exchange expressed frustration that Mantengu chose to go public before the FSCA’s investigation was concluded.
“You have prematurely and without following the appropriate channels, elected to publicise a criminal complaint. And you make several public announcements regarding alleged share price manipulation implicating our client. This is unacceptable in circumstances where the basis of the complaints made against our client is based on conjecture and speculation,” Straeuli wrote.
Violation of JSE listing requirements
The JSE also took issue with Mantengu’s use of the SENS platform. This platform is reserved for the disclosure of relevant company information. The letter accuses Mantengu of attempting “to spread the false allegations as far and wide as possible”. And it warns that publication of unsubstantiated claims may violate the JSE’s Listings Requirements.
In a clear ultimatum, the JSE demanded three immediate actions from Mantengu by midday May 12, 2025. To provide a written undertaking to cease publication of all defamatory statements. Publish a formal retraction and unconditional apology. And remove the SENS announcement, media release, and related materials from all platforms.
Threats of legal action
“Should you continue in your efforts to besmirch our clients, we will have no hesitation to adopt the strongest course of action against you as permitted by law,” Straeuli warned.
“Those damages have already accrued and will continue to accrue for so long as you repeat your false allegations. And if you do not withdraw them as our client has demanded.”
Despite the tough legal rhetoric, the JSE said it remains willing to engage with Mantengu once the FSCA has released its final report. For now, the ball is in Mantengu’s court.
