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The holding company also denied plans to sell sports assets at distressed prices, saying the Lakers sale represented a 25% premium to what Mark Walter paid
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.
"Despite what has been reported, there has been no fraud," the company said. "There is no victim here. No one has been harmed, and no one has claimed they were harmed."
The statement was TWG's most detailed response since federal scrutiny of the company's insurance holdings intensified in recent weeks. The company characterized criticism of TWG as orchestrated by "unnamed sources with self-serving interests," saying the attacks had been sustained over several weeks and amplified through media coverage. TWG added that it fully supports the soundness of its operations and intends to keep generating returns for those who depend on it.
