The International Cycling Union's honorary president says there was no conflict of interest when he invested in a brokerage account later linked to Lance Armstrong's team owner.

Hein Verbruggen tells The Associated Press it is "cynical" for U.S. Anti-Doping Agency CEO Travis Tygart to suggest the business relationship "stinks to high heaven."

Verbruggen confirms details published by The Wall Street Journal of his investment with broker Jim Ochowicz from 1999-2004. Verbruggen was UCI president from 1991-2005.

The Dutchman says, "I have given Jim a small amount of money to manage for me, and he moved to (work for) Thom Weisel" in 2001.

Ochowicz managed the Motorola team Armstrong rode for in the mid-90s. Weisel owned the team sponsored by U.S. Postal Service when Armstrong won several Tour de France races.