The US Securities and Exchange Commission (SEC) has filed charges against Tingo Group, its CEO Dooyum Mmobuosi, and affiliated companies, alleging staggering financial misrepresentation.
According to the SEC, Tingo Group reported $461.7 million in cash for 2022, but its actual balance was less than $50. This discrepancy has led to concerns about the accuracy of public information.
The charges follow an investigation prompted by Hindenburg Research, a US short seller, which labelled Tingo as an “exceptionally obvious scam” earlier this year. This led to a dramatic drop in Tingo’s stock price.
Trading was halted in Tingo Group and Agri-Fintech Holdings shares due to these concerns.
Mmobuosi, who recently gained attention with his bid to acquire Sheffield United football club, has not responded to requests for comment.
The SEC’s findings raise questions about corporate governance and transparency.
