About Civil.ge
Eng | Geo | Rus
Last updated: 15:14 - 6 Jul.'15
 
RSS
Mobile
Twitter
Facebook
Imedi TV Changes Hands
Civil Georgia, Tbilisi / 25 Feb.'09 / 18:37

A local unit of Investment Authority of the UAE’s Ras Al Khaimah (RAK) emirate has purchased 90% of TV and radio holding, Imedi, for undisclosed price.

10% of shares remain in Joseph Kay’s ownership, his legal representative said on February 25.

Kay, who is a distant relative of late tycoon Badri Patarkatsishvili, took over the TV station last year – a deal which still remains disputed by the Patarkatsishvili’s family, which claims that Kay managed “to seize” the television stations with the Georgian authorities’ blessing.
 
Ras Al Khaimah’s business interests in Georgia among others also include Mtatsminda amusement part, which in the past was controlled by the late tycoon Badri Patarkatsishvili. The park, along with the Imedi TV, is also disputed by the Patarkatsishvili family.

Kay said on February 25, that he had decided to sell shares to RAK Georgia Holding, because he was no longer able to finance the television stations in the light of the global financial crisis, as his other businesses required urgent investments.

“Imedi TV will receive all that financial assistance [from new shareholder], which it needs to return its leading place which it always had,” he told journalists. “As you know, my business interests involve not only Imedi. Unfortunately, all those businesses, in which I am involved, need new investments.”

Ras Al Khaimah Investment Authority (RAKIA) purchased port of Poti last year and is now developing free industrial zone there.

This year RAK Georgia Holding’s daughter company has purchased controlling stakes into the People’s Bank. Former PM, Zurab Nogaideli, and a leader of newly set up opposition party Movement for Fair Georgia, has alleged that Interior Minister Vano Merabishvili’s associates were behind the company not RAK Georgia Holding – the allegation was denied by the Holding itself.

Latest News
06 Jul.'15 15:14
Four Workers Die During Building Demolition Works in Tbilisi
Fatal incident occurred when the fourth floor of a building collapsed during demolition works in Tbilisi center.
06 Jul.'15 00:28
UNM Appoints Party’s New Executive Secretary
UNM’s political council elected MP Ratiani on the post, replacing MP Japaridze, who quit UNM in May.
05 Jul.'15 14:50
Dead Body of Tiger, Missing from Zoo Since Deadly Flood, Found
It’s the last wild animal, which was remaining unaccounted for since the flood, zoo director said.
04 Jul.'15 15:48
Parliament Passes Interior Ministry Reform Bill
Package of bills, passed with second reading, would decouple security agencies from the Interior Ministry.
03 Jul.'15 20:38
Increase of Compensation for Families of Fallen Police Officers Approved
Families of police officers killed in the line of duty will receive GEL 100,000 one-time payment.
03 Jul.'15 18:32
Georgia Reports 2.3m Visits by Foreign Citizens in H1’15
Number of tourists was down by 1.9% y/y to 853,605 in the first six months of this year.
03 Jul.'15 15:12
After Winning Case at ECHR, Georgia Asks Russia to Pay EUR 70.3m
The case stems from deportation of Georgian nationals from Russia in 2006.
03 Jul.'15 11:46
Annual Inflation 4.5% in June
On monthly basis inflation was just 0.02% in June.
02 Jul.'15 23:48
Turkmenistan’s President Visits Georgia, Discusses Gas Transit Project
President Berdymukhamedov is paying his first official visit to Georgia on July 2-3.
02 Jul.'15 14:14
At Geneva Talks Russia Says Georgia’s NATO Integration Poses Security Threat to Region
32nd round of Geneva international discussions, launched after August 2008 war, was held on July 1.

About Civil Georgia
Civil.Ge © 2001-2013, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
63