Mark Walter's TWG Global Asserts 'No Fraud' Amidst Scrutiny of Insurer Disclosures

Mark Walter's TWG Global has issued a strong statement refuting allegations of wrongdoing. The holding company and its subsidiaries have become the subject of what they describe as "multi-pronged attacks," but TWG Global insists that "despite what has been reported, there has been no fraud" within these entities.

Furthermore, TWG Global clarified its position on its sports assets, stating that it "is not looking to sell its sports assets at 'fire sale' prices to raise capital for its insurance operations."

This declaration comes at a time when Walter's business empire is facing intense media scrutiny and federal criminal and civil investigations. These probes are focusing on the accounting practices related to billions of dollars in financial transactions between two of his insurance companies and entities controlled by the Los Angeles Dodgers owner.

The recent statement from TWG Global represents the most detailed and emphatic response from the company since these investigations into its insurers garnered renewed attention. This renewed focus followed Walter's announcement of his intention to sell his majority stake in the Los Angeles Lakers in August, less than a year after acquiring the team.

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

The company emphasized its perspective on the recent media coverage: "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."

"TWG stands firmly behind the integrity of its business and remains focused on continuing to deliver value to its stakeholders," the statement continued.

Reiterating its core message, the company declared, "Despite what has been reported, there has been no fraud." TWG Global further asserted, "There is no victim here. No one has been harmed, and no one has claimed they were harmed."

TWG Global expressed its commitment to cooperating with the relevant authorities: "TWG is committed to working with the U.S. Department of Justice and the Securities and Exchange Commission to resolve their inquiries."

Regarding interest in Walter's sports ventures, TWG stated 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."

Walter's sports portfolio is extensive, including ownership stakes in the Los Angeles Dodgers, the Los Angeles Lakers, Chelsea Football Club, the Professional Women's Hockey League, and the Cadillac Formula 1 Team.

Addressing the sale of the Lakers specifically, TWG explained in its statement: "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.'"

Regarding the Los Angeles Dodgers, the statement was unequivocal: "To be clear, the team is not being sold and no sale process has been initiated."

Correction: Mark Walter's TWG Global issued its statement on Wednesday morning. An earlier version of the report misstated the day.