Our editorial has received a letter from Gafesjian Family Foundation, which was signed by Gerard Gafesjian. In this letter he assures that the information concerning the foundation published in a past edition of 168 newspaper is not true. Read the full text of the letter below:
9 October, 2009
Editor 168Zham
Your article entitled, "Cafesjian is Returning" published on October 8 is false and misleading. By making no attempt to contact the named individuals in your article, you have failed to fulfill basic journalistic standards. The essential facts regarding any article that claims to be about the Cafesjian Family Foundation (CFF) or the museum or any of the other CFF projects in Armenia are these:
CFF has more than fulfilled its commitment to Armenia to invest not less that $20 million in the Cascade project that includes Tanamyan Park, the Soviet Era Cascade structure and the land above the Cascade. To date, CFF has invested $43 million in this unique project. Next month, CFF will celebrate the formal opening of the Cascade. During my forthcoming visit to Armenia, I will also meet with President Sargsyan and other government officials to review CFF’s plans for the development of the site above the Cascade.
I remain committed to the redevelopment of the entire Cascade site. In the years ahead, CFF will continue to work with the Armenian Government, as well as with interested investors and donors, to make this unique property an internationally renowned center of artistic excellence and the gathering place for Yerevan’s citizens and guests. Any project of this scope and ambition will, of course, encounter difficulties requiring adjustments in objectives and timetables. CFF is up to the challenge.
As for CFF’s other investments in media, financial services, alternative energy and real estate, 168 Zham completely misrepresents the Foundation’s purpose and intent. I have invested some $128 million to demonstrate to other potential investors that Armenia is a place conducive to free enterprise, to develop successful business models in sectors important for Armenia’s future, to sell off successful enterprises to local investors, and to reinvest 100% of any profits in new demonstration projects or to help sustain CFF’s not for profit initiatives in Armenia. This cycle of sustainable investing, selling, and reinvesting can be called entrepreneurial philanthropy. I am encouraged by the results since beginning the Foundations’ involvement in Armenia in 2001, and I look forward to continuing our pioneering work.
In all of my Armenia related initiatives, I have relied upon my trusted partner, colleague and friend Bagrat Sargsyan. Together we have built CS Media into a leading, global array of broadcast and print platforms that daily reaches up to 5 million households throughout our Homeland and Diaspora. Via Armenia TV in Yerevan and US Armenia TV in Los Angeles, we have created state of the art broadcast facilities and world standard entertainment programming that typically lead ratings across a broad demographic and content range. And we have built these modern facilities and offer these broadcast products at a profit. We have also recast the Armenian Reporter into the leading Armenian-American periodical that each and every week is delivered to the US Congress and scores of other Washington decision makers. I have relied upon Bagrat’s business skills, integrity and creativity in all of CFF’s media projects. In the years ahead, Bagrat and I will expand our media collaboration in Armenia, in the U.S. and the rest of the world, and we will continue to seek opportunities with others that share our optimistic vision for Armenia. We are in a sense a two person demonstration project of what one Homeland and one Diaspora Armenian can accomplish over time. Contrary to your baseless assertion, Bagrat does not have any involvement in museum finances.
During his just concluded Diaspora visit, President Sargsyan in New York urged those in the Diaspora who have the means and the ability to invest in Armenia and Artsakh in order to secure and sustain our hard fought independence. CFF has been doing that since 2001 and welcomes the privilege of doing so in perpetuity.
Gerard L. Cafesjian
Cafesjian Family Foundation
168 Hours: In fact Mr. Gafesjian is writing mainly about the publication where the name of Bagrat Sargsyan was discussed concerning embezzling the resources of Gafesjian Foundation. However, it is worth mentioning that when writing the mentioned information we based on the information provided by Edward Palasanyan, who has worked with the Gafesjian Family foundation for many years. By the way, the latter also said that he was ready to sign under every fact he was speaking of. Indeed Mr. Gafesjian wrote not about the specific facts pointed out in the interview but the information concerning the co-owner of Armenia TV company Bagrat Sargsyan, which we found out as a result of it and which has been published in the Armenian media before too.