TWG Global Denies Fraud Amid Federal Financial Probes

TWG Global, the holding company owned by Los Angeles Dodgers owner Mark Walter, issued a statement Wednesday denying allegations of fraud. The company is currently facing federal criminal and civil investigations focused on the accounting of billions of dollars in financial transactions between Group 1001 insurance companies and other entities controlled by Walter.

TWG Global characterized recent media reports as multipronged attacks driven by unnamed sources with self-serving interests. The company stated that it and Group 1001 have already presented a plan to address regulatory concerns and explicitly denied that any fraud occurred.

Addressing rumors of a fire sale to raise capital for its insurance operations, the company clarified that the Los Angeles Dodgers are not for sale. TWG Global also defended the sale of Walter's majority stake in the Los Angeles Lakers to Josh Kushner, asserting the transaction provided a 25% premium over the price paid less than a year ago.