Tingo Group CEO temporarily steps down after US SEC charges

Tingo

20/12/2023 20:30

Dec 20 (Reuters) - Tingo Group  TIO.O  said on Wednesday
that Nigerian businessman Dozy Mmobuosi has temporarily stepped
down as interim co-CEO of the fintech firm after the U.S.
Securities and Exchange Commission (SEC) filed charges alleging
fraud.
    The SEC on Monday filed charges against Mmobuosi and three
companies of which he is CEO, alleging they inflated the
financial performance of the companies and key subsidiaries to
defraud investors.
    Ken Denos will serve as interim co-CEO of Tingo Group until
further notice, the company said on Wednesday.
    Tingo Group's shares slumped in June after short-seller
Hindenburg Research criticized its founder and alleged that the
fintech firm had "fabricated" its financials.
    Tingo categorically refuted all the allegations of the
report, saying it was full of "misleading and libellous
content". The company also said had hired a law firm to conduct
an independent review of Hindenburg's claims.

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by
Shounak Dasgupta)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com))