About Civil.ge
Eng | Geo | Rus
Last updated: 21:10 - 4 May.'16
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
04 May.'16 21:10
Row Brewing Between GDDG MPs, President Over Supreme Court Nominations
President will not make “behind-the-scenes deals” over Supreme Court nominees, his adviser said.
03 May.'16 19:22
Georgia Votes Against Kosovo’s UEFA Membership
Kosovo became 55th member of UEFA after 28 of its members voted in favor.
03 May.'16 11:56
Geostat: Annual Inflation 3.2% in April
On a monthly basis, prices fell 0.6% in April, according to the state statistics office.
02 May.'16 19:23
PACE monitors to visit Georgia
Two co-rapporteurs from the Parliamentary Assembly of Council of Europe will visit Tbilisi on May 3-5.
30 Apr.'16 13:48
UNM Lays Out Rules for Compiling Its Party List of MP Candidates
Party list will be drawn up “based on principles and not based on anyone’s desires,” UNM’s Bakradze said.
29 Apr.'16 16:56
Opera Singer and His Potential Political Party in IRI-Commissioned Poll
Burchuladze’s movement was not too far behind from GDDG and UNM in a poll fielded in March.
28 Apr.'16 18:42
Geostat Releases Final Results of 2014 Census
Final results also include data on ethnicity and religious beliefs of country’s 3.71 million people.
28 Apr.'16 14:26
Five Men, Suspected of Trying to Sell Uranium, Arrested
The State Security Service said suspects were trying to sell 1.6kg of radioactive material for $3mln.
28 Apr.'16 11:49
Q1’16 GDP Growth 2.3% - Preliminary Data
Real GDP grew 3.4% y/y in March, after 0.8% and 2.6% growth in January and February, respectively.
27 Apr.'16 20:01
Bill Allowing PM to Run for MP Without Quitting Cabinet Post Passed in First Reading
Parliament passed amendment to the election code with 77 votes to 21 on Wednesday.

About Civil Georgia
Civil.Ge © 2001-2016, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
55