Aug 18 (Reuters) – Los Angeles Dodgers owner Mark Walter’s Delaware Life Insurance Co is set to cut as much as $6.5 billion in investments in his businesses, the holding company for the billionaire said on Tuesday.
Walter’s business empire is being investigated by U.S. federal prosecutors and the SEC to determine ‌whether Walter or his businesses committed fraud by concealing financial connections while borrowing billions of dollars from insurers he controls, the Wall Street Journal reported on Sunday.
“The Group 1001 insurance companies are working with the Delaware Department of Insurance to address the identified investments, and TWG is committed to resolving this matter to the Department’s satisfaction,” a spokesperson for Walter’s holding company TWG Global said.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Anil D’Silva)
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