Despite our enemies trying to kill us, it’s been one hell of a ride – Mantengu CEO Magen Naidoo

New Mantengu CEO Magen Naidoo said the day is coming for their enemies who were trying to kill them, along with everyone who has been complicit.

This formed part of a response to a farewell message from former Mantengu chief executive Mike Miller.

Mantengu, formerly known as Mine Restoration Investments, is a South African investment firm listed on the Johannesburg Stock Exchange (JSE).

The company acts as a platform that buys and manages smaller businesses in the mining, mining services, and energy sectors.

Miller previously said the company was engaged in a corporate war involving allegations of market manipulation, legal interdicts, and even assassination attempts.

Miller and Mantengu alleged that a syndicate was actively working to suppress the company’s share price and take it over at a fraction of its value.

He alleged that senior JSE personnel were allowing traders to sell shares they didn’t own, known as ‘naked shorting’, to artificially depress the stock price.

Miller accused the JSE of actively blocking Mantengu from warning shareholders by refusing to publish these allegations on SENS.

The JSE denied all allegations and took the fight to the High Court. It characterised the allegations as conspiratorial speculation to distract from the company’s own issues.

In November 2025, the Johannesburg High Court granted the JSE an interdict, barring Miller and Mantengu from publishing further allegations.

Miller stepped down as Mantengu’s CEO and executive director on 28 February 2026, following the most tumultuous period in the company’s history.

“Mike played an integral role in the strategic leadership, and he diligently fulfilled his duties with the highest level of integrity,” Mantengu said.

The company’s CFO and deputy CEO, Magen Naidoo, assumed the role of chief executive on 1 March 2026.

Mike Miller’s farewell letter and Magen Naidoo’s response

Miller published a farewell letter on LinkedIn on 28 February 2026, noting it marked the end of his nine-year journey with Mantengu.

He described the journey, which started in rural Limpopo, where they attempted to raise capital for various empowerment projects.

After considering numerous options, they realised that the only option was listing on the JSE.

“We completed the listing of the first mine in August 2022. Since then, Mantengu has acquired 5 new operations in 2.5 years,” he said.

He said the relationship with the JSE has been more bitter than sweet. “The bitterness stems from the fact that Mantengu has taken a no-nonsense stance,” he said.

“The truth is that corruption has been painted as a public and non-white issue. That is rubbish as it taints all of South Africa.”

He added that corruption has its roots stemming from South Africa’s financial market system. He did not give specifics.

“I am privileged to be able to hand over the reins to an extraordinary team of Magen Naidoo and Langton Mpofu as the new CEO and CFO, respectively,” he said.

Naidoo responded to the post, saying, “I have had the pleasure of riding the journey with you over the last 3 years”.

“We have become brothers over that period. Despite our enemies trying to kill us, it’s been one hell of a ride.”

Naidoo added that the day of reckoning for their enemies is coming, together with everyone who has been complicit.

“As someone said to me recently, our lives could easily be material for a few seasons of a Netflix documentary,” he said.

He added that Mantengu is a R4.5 billion group at fair value. “I’m going to make it my mission to realise as much of that value for our shareholders as I can,” he said.