The Nigerian financial technology company Tingo organisation has stated that the claims made by the Hindenburg research organisation are untrue and an attempt to intentionally destroy its reputation. White & Case LLP, an international law firm, has been brought in by the company to assist in the management of the current crisis.
Tingo organisation, an agri-fintech firm that is publicly traded on the NASDAQ and has been accused of being an “exceptionally obvious scam” by the Hindenburg research organization, has categorically refuted all of the allegations.
The corporation stated these things in a news statement that was published on its website “Tingo categorically refutes all the allegations and misinformation outlined in a report published by Hindenburg Research earlier today,”
“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.”
Tingo also said in a separate press release that it had retained White & Case LLP, a major international law firm, to conduct an independent review and report to its independent directors concerning claims included in the report published by Hindenburg on June 6, 2023. This announcement was made in relation to the allegations that were contained in the report that was published on June 6, 2023.
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Tingo’s stand on the research
Additionally, the financial technology company insists that it abides by the laws of each nation in which it conducts business and that it upholds the best possible standards of corporate governance.
Additionally, Tingo alleges that Hindenburg Research did not make any effort to validate the charges that have been made against the organization. Before the study was published, the Company can certify that there was no attempt made by Hindenberg Research to verify the claims or to make any other kind of real enquiries concerning the information that was supplied in the report.
Tingo claims that its “accounting records are accurate and correct and that its financial results are accurately reported within its financial statements and its SEC filings,” despite the fact that Hindenberg Research found “red flags” in the company’s financial statements.
“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.
Opinions from ‘The Sun’
According to a story from “the Sun, the All Farmers Association of Nigeria (AFAN) has made a big advancement in its lease and service agreement with Tingo Mobile Limited, which is a significant provider of mobile and fintech solutions in Nigeria. This step is being made in an effort to add legitimacy to some of the operations that Tingo is involved in. As of now, AFAN says that around 11 million of its members have integrated Tingo Mobile’s smartphone and fintech applications into their day-to-day operations. These applications include the Nwassa platform.