Tingo Group denies Hinderburg reasearch allegations, appoints independent counsel

Nigerian fintech, Tingo Group, says the allegations made by Hindenburg analysis group are false and a deliberate try to break its popularity. The firm has additionally appointed an International legislation agency,White & Case LLP, to handle the scenario.

Tingo Group, a NASDAQ-listed agri-fintech firm accused of being an “exceptionally obvious scam” by the Hindenburg analysis group, has publicly denied all of the claims. In a press launch shared on its web site, the corporate stated, “Tingo categorically refutes all the allegations and misinformation outlined in a report published by Hindenburg Research earlier today,” the assertion reads partly. “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 one other press launch, Tingo additionally introduced that it has engaged White & Case LLP, a number one worldwide legislation agency, to conduct an independent evaluate and report back to its independent administrators regarding allegations contained within the report revealed by Hindenburg on June 6, 2023.

The fintech firm additionally maintains that it complies with the legal guidelines of each nation it operates in and “maintains the highest standards of corporate governance.” Tingo additionally claims that Hindenburg Research didn’t try to confirm the allegations made in opposition to the corporate. “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 launch learn.

While Hindenberg Research noticed “red flags” in Tingo’s monetary statements, the corporate [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 assertion concluded.

In a transfer to lend credibility to a few of Tingo’s operations, the All Farmers Association of Nigeria (AFAN), per a Sun report, famous a noteworthy development in its lease and repair settlement with Tingo Mobile Limited, a big supplier of cell and fintech options in Nigeria. As of right this moment, AFAN studies that an estimated 11 million of its members have adopted Tingo Mobile’s smartphone and fintech purposes, together with the Nwassa platform, as a part of their each day operations.

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