Absolute People Screen’s Post

A $250 Million Fraud Scandal: Nigeria’s Tingo CEO Fined, Banned from Public Companies - Nigerian FinTech Tingo's CEO, Dozy Mmobuosi, fined $250 million and barred from serving as a public company director. - SEC charged Mmobuosi and his companies with inflating financial metrics to defraud global investors, calling them a "fiction." - Tingo claimed to serve 9 million Nigerian farmers and had high-profile partnerships, including a $900M merger and a super app with Visa. - SEC revealed that Tingo's reported assets were almost entirely fabricated, leading to a massive drop in its stock value. - Hindenburg Research flagged Tingo as an "exceptionally obvious scam," prompting Mmobuosi's resignation and Tingo's Nasdaq delisting. #FinTech #Risk #Diligence #EDD #CDD #SEC #Nigeria #Prospects #PEP #Visa

Big Development: CZ is banned from managing or operating the exchange. CZ provided the last clarity on ownership of WazirX, as now CZ is banned. It is now essential that #Binance clarify why WazirX is dragging its name in Singapore court. What is the truth?

🚨 The Securities Commission Malaysia (SC) has 𝗿𝗲𝗹𝗲𝗮𝘀𝗲𝗱 𝗶𝘁𝘀 𝗹𝗮𝘁𝗲𝘀𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿 𝗔𝗹𝗲𝗿𝘁 𝗟𝗶𝘀𝘁, warning against unauthorized websites, unregulated companies, and fraudulent investment products.🛑 👉 Check the full list here: https://lnkd.in/gnziRHNq #investoralert #MalaysiaSC #FinancialSafety #WikiFX #ProtectYourInvestment #stayinformed #ScamAlert

Dozy Mmobuosi is a Nigerian businessman and tech entrepreneur who is the founder and former CEO of Tingo, Inc., a technology and device-as-a-service platform aimed at accelerating digital commerce in Africa. Tingo is listed on the New York Stock Exchange (NYSE). The U.S. Securities Exchange Commission (SEC) has charged the Nigerian businessman, who bid for an English Premier League football club with “massive fraud,” alleging that he and his three companies inflated their financial metrics to defraud investors. If the alleged crimes that Dozy Mmobuosi is accused of, happened to be true, he will face serious legal, financial, and reputational consequences. Link in bio to read the full article and subscribe for free and subscribe to our weekly newsletter to stay updated on market trends #financialmarkets #business #politics #economics #thelakestreetreview #Americannews #Africannews #americanmarkets #africanmarkets #mediacompany #newscompany #LSR https://lnkd.in/dFGSKxyr

Investors on WazirX face a tough road ahead after the recent $230 million cyberattack. The platform's user agreement required users t first attempt resolution via their website before seeking arbitration with the Singapore International Arbitration Centre (SIAC) if unresolved within 60 days. This agreement mandates individual arbitration, limiting class actions and potentially making the process costly and lengthy for retail investors. Our Partner Russell A. Stamets in a conversation with Business Standard discuss that the financial and time burdens could outweigh the investments of many affected and the retail investors may find themselves at a significant disadvantage in this scenario. (Accessible here: https://lnkd.in/gtCn6XPj) #Crypto #Investing #WazirX #Finance #Legal #law #Lawfirm #CircleofCounsels

SSEK's Michael Carl and Maria Yudhitama spoke at a recent capital markets seminar hosted by the Indonesia Stock Exchange and Hong Kong Exchanges and Clearing Limited (HKEX) on Roadmap to Additional Liquidity via Dual Listing. The IDX and HKEX signed a memorandum of understanding in July 2023 to explore partnership opportunities and strengthen connectivity between both markets, improve stock trading liquidity, and increase the global presence of Indonesian companies. One of the explored collaboration schemes is a secondary listing of IDX-listed companies on HKEX. The IDX and HKEX seminar explored how IDX issuers can tap additional liquidity via HKEX, looking at the process, benefits, challenges and requirements associated with a dual listing in Hong Kong. SSEK’s Michael Carl and Maria Y. Eka Dewi, along with partners from the Hong Kong office of multinational law firm Latham & Watkins LLP, gave a presentation on How to List in Hong Kong: Process and Considerations. #indonesia #hongkong #idx #hkex #listing #duallisting #capitalmarkets #ssek #lawfirms  

📢 📝 August 16, 2024. The Bank of Lithuania outlined detailed requirements for the management body members of crypto-asset service providers (CASPs), based on Articles 62, 68, and 69 of the MiCA regulation.   🔍 Key Takeaways: ▶️ Members of the management body (Members) must have a good reputation, sufficient knowledge, and experience to fulfil their duties effectively. This includes demonstrating their ability to dedicate enough time to their responsibilities. ▶️ Members must provide evidence of a clean criminal record from relevant commercial, insolvency, financial, anti-money laundering, and fraud-related laws. ▶️ The evaluation of their qualifications considers education, work experience, and other factors affecting their competence, in line with ESMA and EBA guidelines. ▶️ CASPs must ensure independence in governance by appointing non-executive members, avoiding undue influence, and fostering objective decision-making. ▶️ Management must demonstrate proper governance structures with clear procedures and controls to avoid conflicts of interest in decision-making. ▶️ Lithuanian residency for key decision-makers is advised to ensure effective oversight and governance. ▶️ Any changes in the management body must be reported to the Bank of Lithuania and approved before the new members assume their roles.   🤷♂️ The So What? ✅ CASPs should aim to adhere to the regulatory requirements to ensure compliance and smoothen licensing process under MiCA regulation.   📩 Do you have any questions? Feel free to reach out via DMs!:) #AdamanoConsulting   #MiCA | #CryptoRegulation | #Governance 

We speak with Marco Lim, the Managing Partner of MAICAPITAL ! Marco Lim is the Managing Partner of MaiCapital and has over 16 years of experience overseeing electronic sales and trading operations in instructional fixed income, commodities, currencies with major financial institutions. Prior to joining MaiCapital, Marco was the Head of North Asia Fixed Income, Commodities, Currencies electronic distribution for Goldman Sachs Asia LLC. Mr. Lim also served at Deutsche Bank, Credit Suisse, and Forex Capital Markets, specializing in foreign Exchange trading. At MaiCapital, Mr. Lim is the co-fund manager for Blockchain Opportunity Fund and the fund manager for the Bitcoin Plus Investment Fund. He brings his expertise in sales and marketing to further develop the company. ABOUT THE RESILIENT PODCAST   Get ready to dive into the exciting worlds of #Business, Entrepreneurship, and #Technology with us. We'll be chatting with incredible #Founders, #Entrepreneurs, and C-Suite #Executives, not just learning more about their existing businesses but also digging deep into their personal and professional journeys. Brace yourself for the epic tales of overcoming #Challenges and achieving #Success! Our freestyle format ensures #Lively, #Authentic, and #Enjoyable Conversations that'll leave you #Inspired and #Excited for the future!   ABOUT THE HOST   Neil Tan has over 20 years of experience in Corporate Strategy, Mergers & Acquisitions (M&A), Business Development and Partnerships -- across Banking (HSBC, Deutsche Bank), Management Consulting (BCG) and Industry (Philips Electronics, Siemens).   Neil is the Managing Partner at Tsunami Advisors, an advisory and consulting firm dedicated to helping #FinTech, #ArtificialIntelligence, #DigitalAsset, and #Web3 firms expand, grow, and scale in the Asia Pacific Region.   Prior to this, Neil served as the CEO of Neptune Digital, an award-winning blockchain start-up under the Cyberport Incubation Program (#CIP). He was previously the Head of Business Development, Asia Pacific in the Digital Partnerships & Innovation Team at HSBC, where he focused on Banking-As-A-Service (#BaaS) and #EmbeddedFinance, including Digital #Payments, #Lending, #Wealth and #Insurance.   Neil is the Chairman of the FinTech Association Hong Kong (#FTAHK) and a Member of the Hong Kong Government Task Force on Promoting Web3 Development (Web3 Task Force). He is also a Steering Committee Member of the Hong Kong Trade Development Council (#HKTDC) and a Conference Ambassador of the Hong Kong Tourism Bureau (#HKTB). SOCIAL MEDIA CHANNELS   Amazon: https://lnkd.in/grD93gQF   Apple Podcasts: https://lnkd.in/gPxpZr5i    Spotify: https://lnkd.in/gMMqRPDu   YouTube: https://lnkd.in/g_CjuRhx   #ResilientPodcast #Founders #Entrepreneurs #Fintech #ArtificialIntelligence #AI #Blockchain #Cybersecurity #BigData #Web3 #Crypto #DigitalAsset #VirtualAsset #Innovation https://lnkd.in/gc2pUZa8

Although Azizah is seen as the frontrunner, sources indicate the decision remains pending. Read here: https://lnkd.in/gHfGG8rf -with Malaysia Digital Economy Corporation (MDEC) Azizah Ali #fintech #Malaysia

🌟 The Countdown to #Unbounded2025 Has Officially Begun! 🌟 Join the world’s leading minds in Singapore this April 2025 for an unparalleled event at the intersection of Legal, Tech, Tax, and Business Advisory! 🌐 📅 Dates: 23-24 April 2025 📍 Location: Singapore Engage with cutting-edge innovations, overcome regulatory hurdles, and connect with global leaders shaping the future. Topics include: •Intellectual Property •International Tax •Dispute Resolution •Immigration Law •Blockchain & FinTech •LegalTech & AI •Corporate M&A, Restructuring & Insolvency 🔗 Hurry, Early Bird Registration is Ending Soon: https://lnkd.in/dxY2PX2q 🏆 WONE Global Awards Nominations are now open! Celebrate industry excellence and submit your nominations here: woneglobal.org #WorldLawAlliance #Unbounded2025 #WoneGlobal #Law #LegalTech #Lawyer #Conference #Singapore