Tingo Group Inc (NASDAQ: TIO), a leading fintech and agri-fintech company, strongly refutes the misleading claims made by Hindenburg Research in their recent report. Hindenburg Research’s allegations are baseless and intended to harm the reputation of Tingo and its esteemed founder and CEO, Dozy Mmobuosi.
Tingo Group stands by its commitment to transparency, ethical practices, and the pursuit of excellence in all aspects of its business. The company’s growth and achievements are a testament to its dedicated team and visionary leadership.
The assertions made by Hindenburg Research about Dozy Mmobuosi’s past are untrue and unfounded. The claims made by the Research institution regarding Tingo’s food division and its revenue are equally false and misleading. Tingo Group is able to function as a middleman in the food supply chain because of the extensive network of alliances it has built with Nigerian farmers and independent food processors. These partnerships led to the food division’s revenue generation, and Tingo Group is totally committed to maintaining the highest levels of accuracy and transparency in its financial reporting. Hindenburg Research’s assertion that the rendering used for the groundbreaking ceremony for Tingo’s proposed food processing facility was taken from a stock photo website is untrue. Any argument that the rendering doesn’t accurately depict Tingo’s plans for the building is unfounded.
Tingo Group is disappointed by Hindenburg Research’s attempt to cast doubt on the company’s agreements and partnerships. The claims made regarding Tingo’s collaboration with Evtec Energy are incorrect. The funding agreement with Evtec is in progress, and any information regarding the company’s financial status should be sought from official sources. The allegations surrounding the acquisition of Tingo Foods and the disappearance of inventory are entirely misleading. The inventory transition was a result of operational adjustments and was properly accounted for in Tingo’s financial statements. Any insinuation of impropriety in this matter is without merit.
Also, Hindenburg Research’s attempts to undermine Tingo Group’s reputation by questioning the existence of farming cooperatives and the company’s mobile services agreement with Airtel are unfounded. Tingo has established fruitful relationships with farming cooperatives, and the mobile services agreement with Airtel has been duly established and adheres to all regulatory requirements. The allegations of Tingo’s Ghana expansion and the functionality of Tingo Mobile’s office are also fallacious and misleading to the public. Tingo Group is committed to expanding its operations in Ghana and ensuring excellent customer service. Any claims suggesting otherwise are unsubstantiated and lack credibility.
Tingo Group strongly denies the allegations surrounding its payment systems, NWASSA platform, and Tingo DMCC’s export business. The company operates with integrity and adheres to all regulatory requirements in its business operations. Hindenburg Research’s claims regarding financial statements are explicitly untrue and deceiving. Tingo Group’s financials are prepared following industry standards and audited by reputable firms. Any minor errors are rectified and do not impact the accuracy and reliability of the financial reports.
Tingo Group is confident in the accuracy and integrity of its financial statements and will continue to work diligently to maintain the trust of its shareholders and stakeholders. The company is open to engaging with regulatory authorities and other relevant parties to address any concerns and provide clarity on its operations and financials. Tingo Group remains focused on its mission to revolutionize the fintech and agri-fintech sectors, and will not be deterred by baseless allegations. The company is committed to upholding the highest standards of corporate governance, transparency, and ethical practices. Tingo Group is confident in its business model, its talented team, and the positive impact it is making in the fintech and agri-fintech industries.
