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AHI Confirms Misinformation in TRNC Daily Newspaper Article
FOR IMMEDIATE RELEASE CONTACT: C. Franciscos Economides
July 1, 2005—No. 64 (202) 785-8430

AHI Confirms Misinformation in TRNC Daily Newspaper Article

WASHINGTON, DC—The American Hellenic Institute recently uncovered misinformation that appeared in an article of the TRNC daily "Cyprus Times" titled, "Reports that Taiwanization of the occupied areas is starting with investments by Bear Stearns Bank."

Bear Stearns is a New York based Investment Company with assets over $255.9 billion and working capital of $49.4 billion.

The article reported that Timothy Ash, Director of Developing Markets for Bear Stearns, led a delegation of investors to the occupied north. To learn more, AHI contacted Mr. Ash directly in his London office to clarify specifics regarding this trip.

In a telephone call with AHI, Timothy Ash, said, that he "flew into Larnaca" and he "met with some Greek Cypriot politicians." Ash also visited the occupied north "to assess the area, not to invest or create business there." During his visit to the north he did meet with Turkish Cypriot officials.

The TRNC daily presented misinformed facts about his trip to the north. First, the article, which appeared on June 25, 2005, reported that he was there from June 11 till June 16. In fact, according to Ash, he was in Cyprus from "June 8-10 to conduct market risk assessment in Cyprus." Second, Ash said that no news agency from Cyprus contacted him to ask him about his trip. Third, the TRNC daily article stated "Bear Stearns considered the biggest investment firm in America, recently sent a top-level delegation to seek investments here in the north."

Ash indicated to AHI that he did not lead a delegation, but rather that he went "himself". He continued, "We’re not investors. (In the occupied north)"

Ash said, "We are not doing trade with the north." He stated that they are in full compliance with international law and will not invest in the occupied part of Cyprus until there is a future settlement. At the current stages, Ash stated, " We’re working with the international agreements."