Tingo Group has denied the fraudulent allegations outlined in a report published by Hindenburg Research.
The fintech firm founded by a Nigerian entrepreneur, on Tuesday, came under scrutiny after allegations from Hindenburg Research, sent Tingo Group’s share price crashingBut Tingo Group, in a statement published on its website titled, “Tingo Group Refutes Malicious and Misleading Allegations in Hindenburg Research Report”, described the allegations as “baseless”.
The company also shared pieces of evidence to restate its authenticity, adding that it has business licences from the necessary authorities. While condemning 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 sizable gains.
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.
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