About Civil.ge
Eng | Geo | Rus
Last updated: 15:05 - 24 May.'16
RSS
Mobile
Twitter
Facebook
UAE’s RAKIA Denies Owning Imedi TV
Civil Georgia, Tbilisi / 4 Feb.'10 / 14:13

Chief executive of investment arm of UAE’s Ras Al Khaimah emirate has denied that RAKIA or any of its affiliate entities bought shares in Imedi television station, suggesting that confusion over the company’s alleged links to Tbilisi-based TV station was triggered by the name of a company which actually owns majority shares in the station.

“We have nothing to do with that… Why should I buy a TV station in Georgia? It’s a small country. What would I need with a TV station there?” Dr Khater Massaad, the chief executive of Ras Al Khaimah Investment Authority (RAKIA), told Abu-Dhabi-based English-language newspaper, The National.

On February 25, 2009, owner of Imedi TV station, Joseph Kay, announced that he sold 90% of Imedi shares to, as he put it, “Rakeen Georgia”, in particular to its affiliate RAK Georgia Holding.

Rakeen Georgia is a Tbilisi-based subsidiary of Ras Al Khaimah Investment Authority’s (RAKIA) property development arm Rakeen, which is engaged in number of real estate development projects in Georgia.

Dr Khater Massaad, who is also a chief executive of Rakeen and an adviser to Sheikh Saud bin Saqr, the Crown Prince and Deputy Ruler of Ras Al Khaimah, also said, according to The National, that the “RAK” brand, which had become synonymous with deep pockets in Georgia, has been co-opted by imitators.

“There is somebody in Georgia who has created his own company with the name RAK Georgia Holding. This company exists indeed. But we have nothing to do with it. The problem is that I have not registered the name RAK as a brand,” he said.

In November, 2009, Transparency International-Georgia released a report on television stations in Georgia, highlighting lack of transparency in ownership of the media sources. The report includes a list of the Georgian television stations and their officially registered owners, obtained from the Georgian National Communications Commission. According to this list, Imedi is 100% owned by Georgian Media Production Group LLC. Attributing to the information obtained from Imedi TV lawyer, the report says that 90% of Georgian Media Production Group LLC is owned by RAAK Georgia Holding S.A. (in the report name of the company is spelled as RAAK and not as RAK) and 10% is owned by Joseph Kay, who is a distant relative of late tycoon Badri Patarkatsishvili (the founder of Imedi TV), whose family disputes legality of Kay’s ownership of the station.

“The legal structure of Rakeen and its subsidiary, RAAK Georgia Holding, which owns 90% of Imedi, is not transparent and fuels allegations about the involvement of Georgian individuals in this enterprise,” the report reads.

Latest News
24 May.'16 15:05
Interior Minister Comments on Kortskheli Violent Incident
Police plan to ask the court to issue arrest warrants, the Interior Minister said.
23 May.'16 13:37
PM Condemns Election Violence in Kortskheli, Says ‘Perpetrators should be Punished’
“There will be a need for more mobilization of law enforcement agencies,” he said.
23 May.'16 10:26
GDDG Wins in Seven, UNM in Two Localities in Local By-Elections
UNM, which fielded candidates in four out of nine localities, are set to win two seats.
22 May.'16 23:57
Saakashvili: ‘Ivanishvili will be Defeated This Year’
“There will be no compromises with this dark force,” he said.
22 May.'16 21:50
CEC Chair: Electoral Process ‘Significantly Damaged’ by Violence in Kortskheli
By-election for vacant seats in local councils at number of localities was held on May 22.
22 May.'16 20:06
President Condemns Election Violence in Zugdidi, Calls for Probe
Leaders and activists of the opposition UNM party were beaten by supporters of ruling GDDG party.
22 May.'16 17:08
UNM Leaders, Activists Beaten Outside Polling Station in Zugdidi During Local By-Election
Fistfight erupted in the village of Kortskheli during by-election for a vacant seat in local council.
21 May.'16 19:43
Protest Rally Against Guilty Verdict in ‘Cable Case’
FD opposition party plans petition calling for release of sentenced former MoD officials.
21 May.'16 18:58
Sokhumi Says Abkhaz Border Guard Serviceman Charged Over Khurcha Fatal Shooting
Criminal charges have also been filed against the suspect by the Georgian prosecutor’s office.
21 May.'16 16:42
PM Expects Further Strengthening of GEL
PM Kvirikashvili said there are positive trends in the economy.

About Civil Georgia
Civil.Ge © 2001-2016, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
45