By Kgosi Molapo | Investigations Desk
FSCA in the Eye of the Storm
What began as a request for transparency has evolved into one of South Africa’s most complex financial showdowns.
In May 2025, Mantengu Mining confirmed that it had lodged a criminal complaint with the Directorate for Priority Crime Investigation (Hawks), citing concerns over alleged market manipulation linked to its stock. The complaint named financiers Zunaid Moti, Ulrich Bester, and various executives connected to the Johannesburg Stock Exchange (JSE). According to Mantengu, these individuals were involved in, or facilitated, a coordinated effort to drive down the company’s share price during its acquisition of key assets including Blue Ridge Platinum and Sublime Technologies.
The FSCA, tasked with investigating the claim, released a report that Mantengu says barely scratched the surface. The probe only covered trades flagged by the company and ignored data from seized electronic devices. More troubling, says Mantengu, is the FSCA’s swift clearance of JSE officials, despite them never being formally accused by Mantengu in the first place.
Meanwhile, Mantengu claims its own shareholder had 1.8 million shares borrowed without consent to cover a naked short. The FSCA report ignored this incident entirely.
Mantengu alleges that systemic gaps in South Africa’s market surveillance architecture allow collusion, fronting structures, and improper share lending to go unpunished. While Liberty Coal has since filed a defamation suit, the Hawks investigation continues to widen.
The story includes court-backed Anton Piller orders, recorded meetings with alleged manipulators, and surveillance revealing coordinated attacks. Mantengu’s CEO and two executives now travel under 24/7 armed protection.
This case has implications beyond Mantengu. It raises tough questions about JSE oversight, FSCA independence, and whether South Africa’s smaller listed firms are being left unprotected in an age of algorithmic and covert market manipulation. With several other listed companies reportedly approaching Mantengu with similar concerns, this may not be an isolated battle. It may be the beginning of a reckoning.
For more details on the FSCA’s mandate and regulatory framework in South Africa’s financial markets, you can visit the official FSCA website.
