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German NGO apologizes to Belokons for disseminating false information about the banker

Latvian businessman and banker Valerij Belokon.
 RIGA, Nov 1 - Germany-based non-governmental organization Eurasian Transition Group (ETG) has released an apology to Latvian businessman and banker Valerij Belokon for running an article about a research wrongly implicating the businessman in corrupt deals in Kyrgyzstan.
ETG is a non-governmental, non-profit organization that pursues democratic change, civic rights and freedoms, and mass media freedom in Central Asia.
In a statement posted on its website, ETG admits its negligence in respect of fact-checking and apologizes personally Belokon, his credit institution in Kyrgyzstan, Manas Bank, and Latvian company Maval Aktivi for having disseminated false and misleading information.
In the statement, ETG informs that, contrary to its previous statement, Maxim Bakiyev, the son of the ousted Kyrgyz President Kurmanbek Bakiyev, has never been and is not owner and shareholder of Manas Bank, and that the credit institution is solely owned by Belokon.
Latvia-incorporated Maval Aktivi, whose former owners were Belokon and Maxim Bakiyev has never been and currently is not connected or linked to Asia Universal Bank (AUB), notes ETG, adding that Belokons has never been member of the Board of Directors of MGN Group and has never had any contacts or connection therewith.
Kyrgyz Prosecutor General's Office has mentioned AUB as one of the banks where Maxim Bakiyev had deposited USD 300 million that Kyrgyzstan had borrowed from Russia, and most part of this amount was later transferred to the contradictory investor Yevgeniy Gurevich's company MGN Group.
ETG also informs in its statement that Maval Aktivi has not made any payments to Asia Universal Bank. No funds transfers and cash remittances have ever been made to Cyprus or Austria on behalf of Maval Aktivi, and Maval Aktivi has never held any accounts in Manas Bank.
ETG also retracts the allegation that Belokon has been member of the Board of Directors of MGN Group. Belokon currently holds the post of chairperson of the Council of Baltic International Bank, and he is not CEO of Baltic International Bank and he was not CEO of Baltic International Bank as for the date of publication of the article, notes ETG.
As reported, in August 2011, Clifford Chance attorneys for Belokon began arbitration proceedings against Kyrgyz authorities.
Belokon Holdings informed that, after the overthrow of Kyrgyz government last April, Belokon was dispossessed of Manas Bank by members of the new Kyrgyz political power. To justify the unlawful expropriation of property, Kyrgyz authorities launched a number of fabricated cases against Manas Bank and the bank's officials.
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