TWG Global issued a statement Wednesday denying fraud allegations against the company and its subsidiaries amid federal criminal and civil investigations into billions of dollars in financial transactions tied to Los Angeles Dodgers owner Mark Walter. The company said there has been no fraud, no victim, and no one has claimed harm, and it characterized the criticism as orchestrated by unnamed sources with self-serving interests. TWG said it is committed to working with the U.S. Department of Justice and the Securities and Exchange Commission to resolve their inquiries, and that it and its Group 1001 insurance companies have presented a plan to address regulatory concerns. The federal investigations center on accounting practices involving two insurers Walter controls, Delaware Life Insurance Co. and Clear Spring Life and Annuity Co., and their related-party lending arrangements. TWG Global agreed to buy up to $6.5 billion in affiliated assets from Delaware Life, while Clear Spring cut related transactions by $90 million, and the two insurers had previously acknowledged that a pool exceeding $20 billion in loans carried undisclosed affiliated status. TWG also disputed suggestions that it was being forced to offload sports holdings, noting that the Lakers sale agreement represents a 25% premium to the price paid by Walter less than a year ago, and that the Dodgers are not being sold.
Denies fraud amid federal investigations into financial transactions and affiliated assets.
Federal probe into accounting practices and related-party lending arrangements.
