Tingo Group (NASDAQ: TIO), a profitable and fast growing fintech, agri-fintech and food company, today issued a response to further allegations made by short seller Hindenburg Research on Aug. 31, 2023.
The announcement reads, “We stated the following within our press release dated Aug. 30, 2023: ‘At the direction of the company’s independent directors, independent counsel investigated certain of the Hindenburg allegations and provided the independent directors with an interim report summarizing evidence it had reviewed, along with items requiring further investigation. The company’s outside counsel then conducted its own investigation into the allegations, which included following up on the items identified by independent counsel. Based on the company’s outside counsel’s investigation and further investigative work of its own, the company has concluded it can now provide the following response to the allegations in the Hindenburg report.’
“As clearly explained, independent counsel investigated certain of the Hindenburg allegations and provided an interim report summarizing evidence it had reviewed along with items requiring further investigation. Thereafter, as part of its own investigation into the Hindenburg allegations, outside counsel followed up on the items identified by independent counsel.
“By way of further clarification, in addition to appointing the U.S. Independent & Internal Investigations team of a leading international law firm, the company engaged a Top 10 U.S. Law Firm as outside counsel to undertake its own investigation, and also the Nigerian offices of a separate global and Top 10 U.S. Law Firm to undertake investigative work in Nigeria.”
To view the full press release, visit https://ibn.fm/lwl89
About Tingo Group Inc.
Tingo is a global fintech and agri-fintech group of companies with operations in Africa, Southeast Asia and the Middle East. The company’s wholly owned subsidiary, Tingo Mobile, is a leading agri-fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and a value-added service platform. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing them 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 company’s other Tingo business verticals include: TingoPay, a SuperApp in partnership with Visa that is currently in beta version, offering a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, groundnut oil, nut products, wheat, millet and maize; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, the company also holds and operates an insurance brokerage platform business in China; and Magpie Securities, a regulated finance services fintech business operating out of Hong Kong and Singapore. For more information about the company, visit www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to TIO are available in the company’s newsroom at https://ibn.fm/TIO
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