Tingo Group refutes research report, releases evidence

Tingo Group, Inc, a profitable and fast-growing fintech and agri-fintech company, has categorically refuted all the allegations and misinformation outlined in a report published by Hindenburg Research earlier today.

This was contained in a press statement published on the firm’s website titled, “Tingo Group Refutes Malicious and Misleading Allegations in Hindenburg Research Report”, the company faulted the allegations contained in the research report, saying they are “baseless”.

“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,” the fast-growing fintech firm explained.

The company also shared pieces of evidence to restate its authenticity, adding that it has business licenses from 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.

To debunk one of the allegations, the company released a short video showing its Point of Sales (POS) machine in operations.

While condemning the half-baked distorted information contained in the research, Tingo said, “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 realise sizeable gains.

“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 prior to its release.”

It also explained that it collaborates with farmers against the claim contained in the research, noting that it was difficult to release some information to avoid legal pitfalls and data breaches.

While referring to its developmental partnership with the All Farmers Association of Nigeria, Tingo restated its plan to provide farmers with access to services including, among others, 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 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 today 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.”