SOUTH AFRICA – Liberty Coal has welcomed the findings of the Financial Sector Conduct Authority (FSCA), which support its assertion that allegations linking the company to a price manipulation syndicate are unfounded.
This follows accusations from chrome and platinum miner, Mantengu Mining Limited (MTU), which alleged that various parties, including Liberty Coal were involved in misconduct that contributed to the decline in MTU’s share price.
On Friday, May 23, 2025, the FSCA announced that it had found no evidence to support the serious claims made by MTU and that no enforcement action would be taken.
“As stated from the outset, the allegations made by Mantengu and its CEO, Mr Mike Miller, were and remain baseless, ill-conceived, and meritless,” Liberty Coal said in a statement.
“Such allegations were, in Liberty Coal’s view, recklessly pursued and recently publicised by Mantengu and Mr Miller without any factual foundation, with the intention of publicly embarrassing and causing reputational harm to, among others, Liberty Coal and its leadership.”
Liberty Coal further noted that despite the FSCA’s findings, Mantengu appears intent on persisting with its accusations, claiming that certain parties are responsible for the company’s declining share price. Liberty Coal suggested this may be an attempt to deflect attention from Mantengu’s own shortcomings.
“This is no doubt an effort to divert attention from its failure to meet shareholder expectations, despite an unprecedentedly buoyant international chrome market in recent years,” Liberty Coal stated.
The company expressed confidence in the FSCA’s investigation, describing the process as “both thorough and independent”, and said it was a vital step in restoring credibility to the public discourse and shielding the market from harmful misinformation. Liberty Coal concluded by reaffirming its willingness to co-operate fully with any authorities that may still undertake further investigations into the matter.
