The accusations by the short-seller sent Tingo Group’s share price crashing by roughly half on Nasdaq as investors’ confidence sank.
From misrepresentation to tax delinquency and accounting fraud, the accusations by the short-seller sent Tingo Group’s share price crashing by roughly half on Nasdaq as investors’ confidence sank.
“Media outlets later uncovered that Tingo had photoshopped its logo onto pictures of airplanes. Dozy later admitted to never owning any actual aircraft.”centring on the issuance of bad checks led to Mr Mbobuosi’s arrest in 2017 before arbitration laid the case to rest. Hindenburg, in March, aimed Block Inc, a payments company led by Twitter co-founder Jack Dorsey, on discovering that the organisation deceitfully increased its user numbers and understated its spending on customer acquisition.
Adani Group, the empire controlled by Gautam Adani, the world’s 24th richest man by Forbes ranking, lost $100 billion in valuation at the beginning of May following Hindenburg’s revelation of its improper use of offshore tax havens.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigerian ‘Billionaire’ Founder Of Tingo Group, Dozy Mmobuosi, Accused Of ‘Brazen’ Fraud, Lying About $1.6Billion Food Processing Facility, Telecom Operations In Nigeria, Ghana, PhD From Malaysian Varsity, Others –Report | Sahara ReportersAn investigation by Hindenburg Research has found that Tingo Group, founded and spearheaded by “Dozy” Mmobuosi, CEO of the key holding company entity is an exceptionally obvious scam with completely fabricated financials. Tingo Group which is headquartered in New Jersey, United States of America, claims to have several business segments focused on providing mobile phones, food processing and an online food marketplace for farmers primarily located in Nigeria.
Read more »
JUST IN: Oodua groups back Tinubu on fuel subsidy removal - Punch NewspapersThe Coalition of Oodua Self-Determination Groups has appealed to Nigerians to support the subsidy removal by President Bola Tinubu
Read more »
Subsidy removal: Northern groups back TinubuThe Coalition of Northern Group, on Tuesday in Kaduna, throw their weight on the fuel subsidy removal as announced by President Bola Tinubu
Read more »
Report: How Nigerian businessman Mmobuosi lied about his credentials, ran fraudulent company | TheCableHindenburg Research, a U.S. investment research firm focused on activist short-selling, has accused Tingo Group, a fintech company, of being an “exceptionally obvious scam with completely fabricated financials”
Read more »
Peace committee bemoans killings in Taraba communityThe renewed hostility between the Tiv and Jukun ethnic groups in Wukari Local Government Council of Taraba State has become a source of concern for the
Read more »