The Tingo Group, an agri-fintech and food company announced it has completed the investigation of the allegations made by short-seller Hindenburg Research and issued formal statements on the matter.
Details
A couple of months ago, Hindenburg Research released a report that alleged that Tingo Mobile had inflated numbers and claimed some of its activities were reminiscent of “fraud”.
Tingo Mobile had also established its offices in Ghana and Hindenburg had claimed that the office it had opened in Accra was more of a “front” for its activities.
Hindenburg also shone a light on Tingo Mobile’s announcement last year that it had partnered with the Ashanti Kingdom Investment Trust to launch its operations.
The trust is run by “His Royal Highness” Oheneba Yaw Otchere. Checks by Hindenburg revealed that Oheneba Yaw Otchere had previously advised and partnered on a failed crypto project called Kamari / Kampay together with Tingo President Chris Cleverly.
Tingo’s Response
Tingo in its reports on its operations in Ghana claims that its operations are currently conducted exclusively through its trade agreement with the Ashanti Investment Trust.
The Company stated that it leases mobile telephones to individuals introduced through the Ashanti Investment Trust and such customers also have access to Nwassa (An online platform for farmers).
They claim that the sim cards, airtime, and data are sold to customers through a third-party vendor, as a result of which Tingo Mobile is not required to have a license with the National Communications Authority in Ghana.
The group stated that they do not currently deal with or accept any new customers other than through its relationship with the Ashanti Investment Trust, and it is preparing to further expand the company’s business in Ghana and is currently recruiting a workforce and building a website to assist in facilitating this.
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