Tingo Group CEO temporarily steps down after US SEC charges

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December 20, 2023 3:42 PM EST

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo

(Reuters) - Tingo Group 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)


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