About Civil.ge
Eng | Geo | Rus
Last updated: 14:35 - 28 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
28 Aug.'15 14:35
ADB Approves USD 20m Loan for Batumi Coastline Protection
The loan will be used to fund works to protect Black Sea resort’s 5km coastline from erosion.
28 Aug.'15 13:09
Parliament Speaker Says NATO Has to Bring Clarity over MAP
Usupashvili said Membership Action Plan should not be an issue of “political speculation”.
27 Aug.'15 18:19
Russia Says NATO-Georgia Training Center ‘Destabilizing Factor’
Russian MFA said that opening of the center in Georgia is continuation of NATO’s “provocative policy.”
27 Aug.'15 16:41
NATO, Georgia Open Joint Training Center
The center, designed to train Georgian, NATO and partner nations’ troops, is not yet fully operational.
27 Aug.'15 13:57
Stoltenberg: NATO-Georgia ‘Substantial Package Delivering Tangible Results’
“There is more Georgia in NATO and more NATO in Georgia,” Stoltenberg said in Tbilisi.
27 Aug.'15 11:26
GD Recruiting ‘Independent Experts’ for Campaign Platform
Georgian Dream announces on job-search website about intention to recruit 60 “experts”.
26 Aug.'15 21:47
NATO Secretary General Visits Georgia
NATO Secretary General Jens Stoltenberg arrived in Tbilisi on Wednesday evening.
26 Aug.'15 17:09
GEL Recovers Slightly
After losing over 3.5% against dollar in two previous days, lari was up 1.6% on Wednesday.
26 Aug.'15 12:58
Police Say 5kg Cocaine Seized at Tbilisi Airport
Last week the Interior Ministry announced about “exposing new route of drug trafficking.”
25 Aug.'15 17:22
GEL Continues to Slide
Lari fell on Tuesday to its weakest against the U.S. dollar in 16 years and five months.

About Civil Georgia
Civil.Ge © 2001-2013, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
35