Mantengu Mining CEO, Mike Miller, made explosive claims that the company’s share price had been manipulated, accusing the Johannesburg Stock Exchange (JSE) of turning a blind eye to the situation to protect an illegal trading syndicate. These allegations were detailed in a formal criminal complaint filed by Miller, implicating his former CFO, Ulrich Bester, as the main culprit behind the share price manipulation.
Bester, who is also a director at Liberty Coal and Liberty Coal Terminals, denied the allegations, stating that he would defend himself in a personal capacity. Liberty Coal dismissed Miller’s claims as those of a “delusional fantasist,” attributing the accusations to Mantengu’s underperforming share price.
Central to Miller’s accusations was the assertion that Bester aimed to hinder Mantengu’s proposed acquisition of Blue Ridge, a dormant platinum group metal (PGM) mine owned by Sibanye-Stillwater. By artificially suppressing Mantengu’s share price, Bester allegedly intended to complicate the regulatory requirements for the Blue Ridge purchase, potentially jeopardizing the deal.
Prior to the alleged share price manipulation, Bester had been consolidating control over Sable Exploration and Mining (SEAM), a listed entity managed by former market analyst James Allan. Through a substantial cash injection and subsequent takeover of SEAM, Bester sought to establish it as Liberty Coal’s vehicle for a competitive bid for Blue Ridge against Mantengu.
Sibanye-Stillwater had previously declined to engage with Liberty Coal due to concerns over its reputation, according to Miller. While Liberty Coal initially expressed interest in Blue Ridge, it later deemed the venture financially unfeasible, thereby distancing itself from the acquisition.
Responding to Mantengu’s allegations of JSE complicity, the exchange’s legal counsel refuted any involvement by JSE executives in the transactions under scrutiny. However, the JSE referred Mantengu’s complaint to the Financial Sector Conduct Authority (FSCA) for a thorough investigation.
Gehard van Deventer, FSCA’s divisional executive for enforcement, confirmed the completion of the investigation but withheld the outcome pending review. Van Deventer clarified that the claim implicating JSE in covering up the syndicate was beyond the scope of their investigation. The JSE dismissed the notion of collusion with a syndicate as baseless and unfounded.
Miller affirmed Mantengu’s commitment to collaborating with Sibanye-Stillwater and the Department of Mineral Resources to finalize the regulatory processes for the asset transfer in accordance with the Mineral and Petroleum Resources Development Act.
The unfolding saga between Mantengu Mining, Liberty Coal, and the JSE underscores the complexities and challenges inherent in corporate dealings within the mining sector. As regulatory authorities investigate the allegations of share price manipulation and collusion, the industry awaits further developments to ascertain the veracity of the claims and the potential implications for the entities involved.
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