The Mantengu vs JSE market sabotage story is a complex, unfolding case of alleged market abuse, involving serious claims of share-price manipulation, syndicate wrongdoing, and regulatory inaction. To date, regulators have cleared the specific complaints they investigated, but Mantengu argues that the full picture has not been considered. The legal and reputational stakes are high — for form, for small shareholders, and for the credibility of the JSE and South Africa’s capital markets generally.