About Civil.ge
Eng | Geo | Rus
Last updated: 23:15 - 31 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
31 May.'16 23:15
Georgian PM Meets French President in Bordeaux
EU visa liberalisation was the main topic of a brief meeting, Georgian PM said.
31 May.'16 18:57
PM Against Overriding Presidential Veto on Constitutional Court Bill
Kvirikashvili said he will try to convince majority in Parliament to accept president’s objections.
31 May.'16 15:08
President Vetoes Bill on Constitutional Court
The move was expected after the Venice Commission criticized some of the key points of the bill.
30 May.'16 23:29
U.S. Diplomat Urges Govt to Bring Kortskheli Violence Perpetrators to Account
This kind of political violence “can only do damage” to electoral environment, Ambassador Kelly said.
30 May.'16 20:43
Ivanishvili Gears Up to Campaign for GDDG
He vowed to use all of his resources to prevent UNM from “turning the clock back.”
30 May.'16 11:46
April GDP Growth 4.3% - Preliminary Data
Real GD grew 2.8% in the first four months of this year.
29 May.'16 23:53
Slovak President Visits Georgia
Slovak President Andrej Kiska is paying an official visit to Georgia on May 29-June 2.
28 May.'16 11:55
Venice Commission Opinion on Georgia’s Controversial Bill on Constitutional Court
Proposed increase of quorum is “excessive” and should be removed, CoE’s advisory body said.
28 May.'16 10:31
Gali IPRM Meetings Resume, After a Break of Four Years
Khurcha fatal shooting topped the agenda of the meeting on May 27.
27 May.'16 17:39
MPs Debate Constitutional Ban of Same-Sex Marriage
It remains unclear when, or if the bill will be put on vote.

About Civil Georgia
Civil.Ge © 2001-2016, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
41