In a press announcement released on Wednesday, Tingo Group, a globally operating fintech firm, fervently repudiated the accusations made in a report issued by US-based Hindenburg Research. The firm expressed profound disappointment over the report’s misleading and erroneous contents, which, according to them, were crafted with the sole purpose of tarnishing Tingo Group’s hard-earned reputation.
In the statement aptly titled “Tingo Group Refutes Malicious and Misleading Allegations in Hindenburg Research Report,” the company firmly emphasized its adherence to the regulatory frameworks of all jurisdictions it operates within, strictly abiding by all relevant laws and regulations.
The firm cited, “The report, replete with errors of fact and libelous content, seems to be a premeditated attempt to destabilize the commendable work that Tingo Group is implementing across various worldwide markets.” They also took this opportunity to provide concrete evidence to back their credibility, including the possession of necessary business licenses from the appropriate authorities.
Tingo Group further assured its compliance with the laws of the territories in which it operates. They maintained that their financial records are accurate and that their financial results are truthfully reported within their financial statements and filings with the Securities and Exchange Commission (SEC).
In a stark refutation of Hindenburg’s report, the firm revealed that the report merely mirrors Hindenburg’s biased opinion, engineered to profit from a short position that they and their associates have taken, offering them the potential for considerable gains.
Tingo Group asserted that Hindenburg Research made no attempts to substantiate the allegations or make sincere inquiries regarding the information presented in the report prior to its release.
Also read: Uncovering the Truth Behind Hindenburg Research: Is it a Legitimate Research Firm or a Short-Selling Looters?
Addressing their collaboration with farmers, Tingo Group pointed out the necessity of withholding certain information to prevent legal issues and data breaches. This statement directly negates the allegations in Hindenburg’s report.
The company reaffirmed its commitment to enabling farmers’ access to services through its developmental partnership with the All Farmers Association of Nigeria. These services range from the Nwassa ‘seed-to-sale’ marketplace platform to insurance, micro-finance, and mobile phone and data top-ups.
“The investor community has shown their trust in Tingo Group based on comprehensive analyses and reports prepared by premier professional advisors, financial experts, and credit rating agencies,” the statement noted.
In conclusion, Tingo Group promised to meticulously address each accusation made by Hindenburg Research. Despite this, the company remains unyielding in its belief that the report issued by Hindenburg Research is an ill-intentioned, unlawful attempt to damage its reputation by disseminating false, misinformed, and skewed information for Hindenburg Research’s financial advantage, at the cost of Tingo Group’s shareholders.
