About Civil.ge
Eng | Geo | Rus
Last updated: 17:56 - 27 Apr.'17
RSS
Mobile
Twitter
Facebook
Patarkatsishvili Family Regains Imedi TV for GEL 3
Civil Georgia, Tbilisi / 20 Oct.'12 / 11:59

Ina Gudavadze, widow of late tycoon Badri Patarkatsishvili, took over ownership of 90% of shares in a company, which wholly owns Imedi TV and radio stations, for 3 Georgian Lari (USD 1.8).

Imedi, which in recent years was run by President Saakashvili’s long-time ally and former government member Giorgi Arveladze, was launched in 2003 by Badri Patarkatsishvili, who was funding the broadcaster up until his death in February, 2008.

Gudavadze, who is Russian citizen, became majority shareholder of Georgian Media Production Group, after three of its previous owners, including Arveladze, relinquished their shares in the company, according to new ownership papers registered on October 19.

Gudavadze paid “symbolic amount of GEL 1” to each of the three previous owners, according to a contract. Arveladze owned 45% of shares; two businessmen Giorgi Korakhashvili and Giorgi Mikeladze owned 30% and 15% respectively.

The contract, which was signed on October 18, shows that Georgian Media Production Group, which wholly owns Imedi TV and radio stations, has not ever paid any dividends.

According to the contract total financial liabilities of Georgian Media Production Group and its affiliated companies amount up to GEL 6 million (about USD 3.6 million), not including debts accumulated in unpaid taxes.

According to July, 2012 data Imedi TV had GEL 13.9 million (up to USD 8.4 million) in tax debt. In a controversial move the outgoing government offered on October 15, one day before Imedi ownership transfer was announced, to write off part of the debts accumulated by television stations in unpaid taxes.

10% of shares of Georgian Media Production Group remain owned by Joseph Kay, a distant relative of Patarkatsishvili with whom the late tycoon’s family was in a dispute over Imedi ownership and some other assets for about three years up until mid-2011. It was not immediately clear whether Kay would retain his shares or not.

Imedi TV said on October 17 that it was “temporarily suspending” news bulletins while the television station was in the process of ownership transfer. It remains unclear when the channel will resume its news programs.

Latest News
27 Apr.'17 17:56
Foreign Ministers Open German-Georgian Year
Mikheil Janelidze met his German counterpart Sigmar Gabriel at the Federal Foreign Office in Berlin.
27 Apr.'17 16:14
Georgia, Romania Agree to Boost Trade, Political Ties
Prime Ministers issued a Declaration on the occasion of the 25th Anniversary of Diplomatic Relations.
26 Apr.'17 16:36
Tbilisi Concerned over Jerusalem Patriarch’s Abkhazia Statement
Georgian Ambassador to Israel meets Theophilos III, speaks about his meeting with Abkhaz pilgrims.
26 Apr.'17 13:18
South Ossetia Government Resigns
The region’s new leader Anatoly Bibilov will form a new government in two weeks.
26 Apr.'17 12:13
Watchdog Keeps Georgia’s Press Freedom Index Unchanged
Reporters Without Borders ranks Georgia 64th in the table of 180 countries with 27.76 points in the survey.
26 Apr.'17 10:29
Georgia Ratifies Europe’s Energy Community Accession Agreement
The Parliament of Georgia ratified the agreement with 89 MPs voting unanimously in favor.
25 Apr.'17 17:59
Georgian MoD Adopts Strategic Defense Review for 2017-2020
Defense Ministry considers Russia the primary threat, seeks to strengthen defense capabilities.
25 Apr.'17 14:33
Sokhumi Begins Issuing Residence Permits to Ethnic Georgians
Abkhaz authorities introduce new document for non-citizens for the term of five years.
25 Apr.'17 12:17
Georgian, Estonian FMs Discuss Upcoming Brussels EaP Summit
Estonian Foreign Minister Sven Mikser was on his official visit to Tbilisi on April 24.
24 Apr.'17 14:36
Georgia, Iran Mull Railway Connection
PM Giorgi Kvirikashvili paid a two-day official visit to the Islamic Republic of Iran on April 22-23.

About Civil Georgia
Civil.Ge © 2001-2017, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
56