Fintech Firm Tingo Group Denies Allegations In Hindenburg Research Report

Nigerian-based fintech and agri-fintech company, Tingo Group, has vehemently denied all allegations made in a recent report by Hindenburg Research.

In a press statement titled “Tingo Group Refutes Malicious and Misleading Allegations in Hindenburg Research Report,” the company addressed the matter.

According to the statement released on Wednesday, Tingo Group strongly refutes the allegations presented in the report by US-based Hindenburg Research. The company expressed its disappointment with the misleading nature of the report, which it believes aims to tarnish its reputation and undermine its success.

Tingo Group also emphasized that it operates within the regulatory frameworks of the jurisdictions it works in, adhering to all applicable laws and regulations.

The fintech firm stated, “The report, which contains numerous errors of fact, together with misleading and libelous content, appears to be a deliberate attempt to undermine the positive work that Tingo Group is undertaking across various worldwide markets.”

The company provided evidence to reaffirm its authenticity, highlighting that it possesses business licenses from the necessary authorities.

“Tingo Group confirms that it remains in compliance with the laws of the territories in which it operates and maintains the highest standards of corporate governance. The Company also confirms that its accounting records are accurate and correct and that its financial results are accurately reported within its financial statements and its SEC filings,” it added.

While condemning the information contained in the research, Tingo stated, “As disclosed by Hindenburg Research, the report represents their own opinion and is designed to benefit a short position taken by them and their associates from which they stand to realize sizable gains.”

The company confirmed that Hindenburg Research made no attempt to verify the allegations or make genuine inquiries concerning the information provided in the report prior to its release.

Regarding its collaboration with farmers, Tingo clarified that it was difficult to release certain information to avoid legal pitfalls and data breaches, refuting the claims made in the research report.

Tingo restated its plan to provide farmers with access to services through its developmental partnership with the All Farmers Association of Nigeria. These services include the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up.

The statement noted, “The investor community has demonstrated its faith in Tingo Group on the basis of detailed analyses and reports prepared by leading professional advisors, financial experts, and credit rating agencies.”

Tingo Group stated that it will respond in detail to the allegations made by Hindenburg Research in due course. However, the company firmly believes that the report published by Hindenburg Research is a deliberate attempt to maliciously and unlawfully damage its reputation by issuing false, misinformed, and distorted information for Hindenburg Research’s financial gain, at the expense of the company’s shareholders.