About Civil.ge
Eng | Geo | Rus
Last updated: 22:40 - 2 Mar.'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
02 Mar.'15 22:40
At UN Human Rights Council, Georgian FM Criticizes Russia’s ‘Aggressive Policies’
“Russia’s aggression against Ukraine should be dully responded by international community,” she said.
02 Mar.'15 15:28
Georgian Parliament Speaker Visits U.S.
Usupashvili is accompanied by GD MP Tedo Japaridze, who chairs foreign affairs committee.
28 Feb.'15 18:44
UNM Plans Protest Rally to Demand Govt Resignation
UNM has called for a protest rally in Tbilisi center on March 21.
28 Feb.'15 16:25
GD Boycott Thwarts Parliament Special Session, Sought by UNM
UNM wanted debates on economy; GD MPs rejected it as UNM’s attempt to “stage a show.”
28 Feb.'15 14:07
Tbilisi Condemns Murder of Nemtsov
Nemtsov’s death is “a loss for the Russian people and their better future,” parliament speaker said.
28 Feb.'15 13:13
Romanian PM Reiterates ‘Strong Support’ for Georgia’s EU, NATO Integration
Romanian and Georgian prime ministers met in Bucharest on February 27.
27 Feb.'15 16:58
C.Bank Chief Responds to ‘Slanderous Campaign’, Calls to Stop ‘Blame-Shifting’ over GEL Fall
Late on Friday afternoon GEL strengthened 3.7% to 2.1654 per U.S. dollar.
27 Feb.'15 12:57
Georgian, Russian Diplomats Meet in Prague
Russia said to complete remaining work to implement 2011 WTO deal in near future.
27 Feb.'15 12:48
January GDP Growth 0.5% - Preliminary Data
Government plans to more than halve its growth forecast for this year.
27 Feb.'15 11:10
Georgian PM Visits Romania
Garibashvili will meet his Romanian counterpart Victor Ponta.

About Civil Georgia
Civil.Ge © 2001-2013, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
40