Nigerian fintech, Tingo Group, says the allegations made by Hindenburg analysis group are false and a deliberate try to break its popularity. The corporate has additionally appointed an Worldwide regulation agency, White & Case LLP, to handle the state of affairs.
Tingo Group, a NASDAQ-listed agri-fintech firm accused of being an “exceptionally apparent rip-off” by the Hindenburg research group, has publicly denied all of the claims. In a press release shared on its web site, the corporate mentioned, “Tingo categorically refutes all of the allegations and misinformation outlined in a report printed by Hindenburg Analysis earlier as we speak,” the assertion reads partly. “The report, which incorporates quite a few errors of truth, along with deceptive and libellous content material, seems to be a deliberate try and undermine the constructive work that Tingo Group is endeavor throughout varied worldwide markets.”
In one other press release, Tingo additionally introduced that it has engaged White & Case LLP, a number one worldwide regulation agency, to conduct an unbiased overview and report back to its unbiased administrators regarding allegations contained within the report printed 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 very best requirements of company governance.” Tingo additionally claims that Hindenburg Analysis didn’t try and confirm the allegations made in opposition to the corporate. “The Firm can affirm that no try was made by Hindenberg Analysis to confirm the allegations or in any other case make real inquiries regarding the info supplied within the report earlier than its launch,” the press launch learn.
Whereas Hindenberg Analysis noticed “pink flags” in Tingo’s monetary statements, the corporate [Tingo] maintains that its “accounting information are correct and proper and that its monetary outcomes are precisely reported inside its monetary statements and its SEC filings.” “Tingo Group will reply intimately to the allegations made by Hindenburg Analysis sooner or later, however for the avoidance of doubt, the corporate believes the report printed [yesterday] is a deliberate try to break its popularity maliciously and unlawfully by way of the issuance of false, misinformed and distorted info for Hindenburg Analysis’s personal monetary acquire and on the expense of the Firm’s shareholders,” the assertion concluded.
In a transfer to lend credibility to a few of Tingo’s operations, the All Farmers Affiliation of Nigeria (AFAN), per a Sun report, famous a noteworthy development in its lease and repair settlement with Tingo Cellular Restricted, a major supplier of cellular and fintech options in Nigeria. As of as we speak, AFAN stories that an estimated 11 million of its members have adopted Tingo Cellular’s smartphone and fintech purposes, together with the Nwassa platform, as a part of their day by day operations.
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