About Civil.ge
Eng | Geo | Rus
Last updated: 11:30 - 4 Aug.'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
04 Aug.'15 11:30
Ukrainian SBU Says No Decision Yet on Banning Burjanadze from Entry
Burjanadze may be banned from entering Ukraine because of her position on Crimea.
03 Aug.'15 12:46
Annual Inflation 4.9% in July
On a monthly basis consumer price fell by 0.2% in July, according to Geostat.
02 Aug.'15 19:42
7 Killed in Two Separate, But Related Car Crashes in Western Georgia
Six people, including two children, were the victims of the first car accident near the village of Supsa.
01 Aug.'15 23:05
Georgia Wins 10 Medals as European Youth Olympic Festival Comes to an End
Georgia won 4 gold and 5 bronze medals in judo, and one bronze in artistic gymnastics.
01 Aug.'15 14:25
New Interior, Prison System Ministers Appointed
Giorgi Mgebrishvili has been moved from the post of minister in charge of prison system to Interior Minister.
01 Aug.'15 13:21
President: I Took Oath of Office Before People, Not GD
Attempt of some GD MPs to portray him in alliance with UNM “damages” GD itself, he said.
31 Jul.'15 14:39
President Vetoes Controversial Banking Supervision Bill
GD ruling coalition has enough votes in the Parliament to override the veto.
30 Jul.'15 16:23
Geostat: 2.6% GDP Growth in H115
Economy grew 2.1% y/y in the second quarter, after 3.2% y/y growth in the first quarter.
30 Jul.'15 11:52
Georgia Appoints New Ambassadors to Cuba, Mexico, Portugal
President Margvelashvili appointed new ambassadors on July 29.
29 Jul.'15 22:20
Iranian MPs Visit Georgia
Iranian MP said the delegation wants to look into Georgia’s reforms in ease of doing business.

About Civil Georgia
Civil.Ge © 2001-2013, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
46