Moti calls out Miller’s misrepresentations and warns public to beware of Mantengu

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27 October 2025: Businessman Zunaid Moti has strongly rejected the false and defamatory allegations made by embattled Mantengu Mining Limited CEO Mike Miller, describing them as “completely ridiculous, and devoid of any facts or evidence whatsoever.” He has made it unequivocally clear that he is not involved in Mantengu’s business affairs in any capacity and has never owned, traded, or held any direct or indirect interest in the company.

“Not only do I have no stake in the company, but I would never want to become involved in a business that is so poorly managed. I have absolutely zero desire to even be associated with Mantengu or its operations,” he says.

“Its problems are entirely of its own making, driven by questionable valuations, poor governance, weak management, and lack of delivery – not a conspiracy. These are not the signs of a well-run company.”

Moti explains that the first time he encountered Mantengu was when he facilitated a meeting between a business associate and its executives to help resolve a dispute. He had no further dealings with the company until Miller began publicly slandering Moti, prompting him to examine the company’s affairs more closely.

He quickly formed the opinion that the true reason behind Mantengu’s declining share price was its own fundamentals rather than any outside interference.

“Once my name was dragged into this matter, I made it my business to understand who Mike Miller is and what Mantengu is actually doing. Every fact I’ve raised comes from Mantengu’s own financial reports, regulatory filings, and court records – all publicly available documents. By contrast, Miller has failed to produce a single document or trade record to actually substantiate any of his absurd allegations.”

Clear track record of questionable transactions

In 2022, Mantengu executed a reverse-listing transaction in which it acquired a chrome mining business called Langpan. Although independent assessors valued Langpan at around R27.5 million, Mantengu’s leadership presented it to investors at a stated value of R550 million – roughly 20 times higher than its assessed worth.

“That was not a simple rounding error. In my opinion, it was a serious misrepresentation. The company effectively tried to sell investors a R27 million business at a R550 million valuation, and the market reacted exactly as you’d expect.”

When the restructured company began trading on the Johannesburg Stock Exchange (JSE), Mantengu’s shares opened at R4 per share, but collapsed to under R1 within a week, and since then, it has traded closer to 60 cents. 

In addition to overinflated valuations, he points to Mantengu’s unmet production targets as a serious issue. The company promised to deliver 200,000 tonnes of high-grade chrome and diversify into the Platinum Group Metals (PGM) sector, but its own reports show that it produced barely 100,000 tonnes at lower-than-forecast grades, and that it has yet to generate a single gram of PGMs.

In another questionable transaction, Mantengu reported acquiring a company called Sublime Acquisitions, described in its financial statements as a “bargain purchase”. The company was supposedly worth R350 million, claimed to have R10 million in cash on hand and to generate about R250 million a year in profit, yet Mantengu declared that it acquired this business for zero rand, recording a R350 million paper profit.

“Even if this deal is somehow legitimate, basic tax law would require a possible donations tax provision of roughly R75 million, which never appeared in their statements. To me, it appears like more evidence of creative accounting in Mantengu’s books that inflates profits without improving underlying performance.”

Moti further highlights that with the bargain purchase stripped out, Mantengu carries approximately R600 million in debt against just R30 million in cash, and reported an operating profit of just R4 million before interest and tax. Its annual interest bill alone is about R60 million, while its two co-CEOs reportedly earn R10 million a year – about two and a half times its total operating profit, and about 5% of its market capitalisation.

Pattern of “corporate poaching”

He also accuses Miller of a recurring pattern he describes as “corporate poaching.” Before Mantengu’s reverse-listing deal, the Langpan chrome asset was owned by a company called Memor Mining, where Miller had already positioned himself as a director. By gaining access to inside information under the guise of helping to structure or “rescue” the business, Miller then facilitated Langpan’s inflated sale into Mantengu before distancing himself once problems emerged.

“He presents himself as a turnaround expert, but ends up stripping value instead, which points to a disturbing pattern of manipulation, misrepresentation, and lies.”

Finally, Moti completely rejects any suggestion of collusion between himself and the JSE, Financial Sector Conduct Authority (FSCA), High Courts, or any other institutions as “patently false”. Notably, independent findings support Moti’s stance. The FSCA has confirmed no prima facie evidence of market manipulation or wrongdoing, while the Johannesburg High Court rebuked Mantengu following its case against the JSE for failing to disclose critical information in its urgent proceedings against the stock exchange.

“The facts are easily verifiable and completely contradict Miller’s desperate narrative. Mantengu’s failures belong to Mantengu and Miller alone.

“I believe that the public, shareholders, and banks should exercise extreme caution when dealing with Mantengu or its leadership. The numbers and the public record all speak for themselves,” he concludes.

All information shared in Moti’s analysis is based on publicly available sources, and reflects his personal interpretation of the facts only. He has made the supporting documentation available online on his personal website at https://www.zunaid-moti.co.za/