The New Yorker's article regarding Trump's business with the Silk Road Group is completely untrue, Giorgi Rtskhiladze, the group's U.S. executive, told CNBC on Friday.

The New Yorker stands by its reporting.

The article, published in August, details President Donald Trump's deal with The Silk Road Group to build luxurious condominiums in the seaside town of Batumi, Georgia. The article details suspected ties between Silk Road Group and BTA Bank, which is mired in allegations of fraud and money-laundering.

Although a licensing agreement for the building was reached (and Trump reportedly received $1 million for it), the deal ended in 2017 when Trump became president.

The New Yorker article quoted Rtskhiladze several times.

"It was a new reality. Mr. Trump became president. It was a different situation, and we amicably agreed to stop this contract," George Ramishvili, the group's CEO, told CNBC's "Power Lunch."