TWG Global Denies Fraud Amid Insurer Disclosure Probe

Mark Walter's TWG Global has issued a resolute statement denouncing what it describes as "multi-pronged attacks" targeting the holding company and its subsidiaries. The company emphatically stated that "despite what has been reported, there has been no fraud" within its operations.

Furthermore, TWG clarified that it has no intention of selling its sports assets at significantly reduced prices to generate capital for its insurance ventures. This statement arrives amidst a wave of media reports concerning Walter's business empire and ongoing federal criminal and civil investigations into the accounting practices of billions of dollars in financial transactions involving two of his insurers and entities controlled by the Los Angeles Dodgers owner.

These remarks represent the most comprehensive and forceful public response from TWG since the investigations into its insurers garnered renewed attention following Walter's announcement of his intention to sell his majority stake in the Los Angeles Lakers, a move that came less than a year after acquiring the team.

TWG Global declared that "TWG and the Group 1001 insurance companies have presented a plan to address any regulatory concerns."

"Over the past several weeks, multi-pronged attacks against TWG have been advanced by unnamed sources with self-serving interests that have been reported in the media. It is important to set the record straight," the statement emphasized. "TWG stands firmly behind the integrity of its business and remains focused on continuing to deliver value to its stakeholders."

"Despite what has been reported, there has been no fraud," the company reiterated. TWG asserted, "There is no victim here. No one has been harmed, and no one has claimed they were harmed."

The company confirmed its commitment to cooperating with the U.S. Department of Justice and the Securities and Exchange Commission to resolve their inquiries.

TWG also addressed interest in Walter's sports assets, noting that Walter and his partners "continuously get interest from prospective buyers and co-investors in their sports assets and, as responsible owners and investors, they consider all legitimate offers when they are received."

Beyond the Dodgers and the Lakers, Walter's sports portfolio includes stakes in the Chelsea Football Club, the Professional Women's Hockey League, and the Cadillac Formula 1 Team.

Regarding the sale of the Lakers, TWG's statement clarified, "Mr. Walter was approached by Josh Kushner and his team about this transaction and the agreement represents a 25% premium to the price paid by Mr. Walter less than a year ago (and an even higher premium to the $5.0 billion valuation Mr. Walter paid in 2021)—hardly a 'fire sale.'"

The company concluded by stating, "Regarding the Los Angeles Dodgers, to be clear, the team is not being sold and no sale process has been initiated."