CBL & Associates Properties Inc. said today that an independent investigation confirms that allegations regarding its procedures with respect to four loans were false and unwarranted.
“Additionally, through our outreach to the Department of Justice, we confirmed that the DOJ is not conducting an investigation of CBL,” the company said in a statement.
Specifically, the investigation said that information concerning leases and revenue, provided to lenders in connection with four loans, and the accounting for the leases for properties securing the loans were accurate in all material respects, the Chattanooga-based shopping center operator said.
“The investigation found absolutely no wrongdoing by CBL or its employees in connection with the loans. We believe the results of the independent investigation represent a positive resolution to this matter and validate the integrity and standards of our financial and accounting practices,” the statement said.
CBl said it learned on June 10 that the Securities and Exchange Commission was conducting an investigation into four specific non-recourse loans originated in 2011 and 2012. The SEC provided the company with the opportunity to commission an independent investigation and proffer findings to the SEC.