Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
A series of significant penalties have been imposed on various companies and individuals in India and the United States. The Dantewada collector has levied a penalty of Rs 1,620.5 crore on NMDC. In another ruling, the Bombay High Court fined a company Rs 50 lakh for producing lookalikes of Fevicol. Additionally, a Kolkata-based public sector bank was fined Rs 2.68 crore by the Reserve Bank of India, which cited six points of reasoning for the penalty. In the U.S., a court has imposed an $800 million fine on a Vedanta-backed Indian company. Furthermore, Nigerian fintech entrepreneur Dozy Mmobuosi has been ordered to pay over $250 million in fines by a U.S. federal court after the Securities and Exchange Commission (SEC) described his holdings in Tingo Group as a 'fiction.' The court also barred him from serving as an officer of any public company, following his failure to respond to the SEC's civil complaint filed last December.
A US court ordered Nigerian businessman Dozy Mmobuosi, founder of NJ-based Tingo, to pay $250M+ in fines after SEC alleged he inflated Tingo's financial records (@aanuadeoye / Financial Times) https://t.co/aKwnikv3iY 📫 Subscribe: https://t.co/OyWeKSQRTe https://t.co/99sYd2Wy1G
The businessman didn't even attempt to address the SEC complaint: "[The judge] entered a final judgment by default against Mmobuosi and his companies after the entrepreneur failed to make any representations in the civil complaint filed last December by the SEC." 🫢🫢 https://t.co/75Vjsh0HaM https://t.co/pFb0MFZfbr
A US federal court ordered a Nigerian fintech chief to pay more than $250mn in fines after the SEC alleged that his empire, Tingo Group, was a “fiction.” The court also barred him from serving as a director of a public company. New by @aanuadeoye. https://t.co/BMCHo19WGT