Nigerian fintech, Tingo Group, says the allegations made by Hindenburg research group are false and a deliberate attempt to damage its reputation. The company has also appointed an International law firm, White & Case LLP, to manage the situation.
Tingo Group, a NASDAQ-listed agri-fintech company accused of being an “exceptionally obvious scam” by the Hindenburg research group, has publicly denied all the claims. In a press release shared on its website, the company said, “Tingo categorically refutes all the allegations and misinformation outlined in a report published by Hindenburg Research earlier today,” the statement reads in part. “The report, which contains numerous errors of fact, together with misleading and libellous content, appears to be a deliberate attempt to undermine the positive work that Tingo Group is undertaking across various worldwide markets.”
In another press release, Tingo also announced that it has engaged White & Case LLP, a leading international law firm, to conduct an independent review and report to its independent directors concerning allegations contained in the report published by Hindenburg on June 6, 2023.
The fintech company also maintains that it complies with the laws of every country it operates in and “maintains the highest standards of corporate governance.” Tingo also claims that Hindenburg Research did not attempt to verify the allegations made against the company. “The Company can confirm that no attempt was made by Hindenberg Research to verify the allegations or otherwise make genuine inquiries concerning the information provided in the report before its release,” the press release read.
While Hindenberg Research spotted “red flags” in Tingo’s financial statements, the company [Tingo] maintains that its “accounting records are accurate and correct and that its financial results are accurately reported within its financial statements and its SEC filings.” “Tingo Group will respond in detail to the allegations made by Hindenburg Research in due course, but for the avoidance of doubt, the company believes the report published [yesterday] is a deliberate attempt to damage its reputation maliciously and unlawfully through the issuance of false, misinformed and distorted information for Hindenburg Research’s own financial gain and at the expense of the Company’s shareholders,” the statement concluded.
In a move to lend credibility to some of Tingo’s operations, the All Farmers Association of Nigeria (AFAN), per a Sun report, noted a noteworthy progression in its lease and service agreement with Tingo Mobile Limited, a significant provider of mobile and fintech solutions in Nigeria. As of today, AFAN reports that an estimated 11 million of its members have adopted Tingo Mobile’s smartphone and fintech applications, including the Nwassa platform, as part of their daily operations.
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