About Civil.ge
Eng | Geo | Rus
Last updated: 21:10 - 4 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
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.
41