About Civil.ge
Eng | Geo | Rus
Last updated: 13:46 - 18 Oct.'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
18 Oct.'17 13:46
Elections 2017: Weekly Digest No. 6
Voters will elect 64 city councils and 64 municipal mayors during the October 21 municipal elections.
18 Oct.'17 11:16
Sokhumi Mulls New Restrictions for Ethnic Georgians
Russian-backed authorities intend to restrict freedom of movement to approx. 4 000 more Gali Georgians.
17 Oct.'17 17:58
Women in Power: Georgia in the Council of Europe Report
The report looks at the political participation of women in the Council of Europe’s 46 member states.
17 Oct.'17 17:11
The Weekly Tripwire - Issue 13
Civil.ge’s news digest covering developments in Abkhazia and Tskhinvali Region/South Ossetia.
17 Oct.'17 15:27
Georgia Bids Farewell to Abkhazia Conflict Victims
The remains of 25 persons were recently handed over to their families.
17 Oct.'17 11:50
Lavrov: Moscow Will Respect South Ossetian Sovereignty
Sergey Lavrov spoke at the 19th World Festival of Youth and Students in Sochi.
16 Oct.'17 16:42
Georgian, Italian Presidents Meet, Discuss Bilateral Cooperation
Giorgi Margvelashvili will also hold a meeting with Pietro Grasso, President of the Senate of the Republic.
14 Oct.'17 08:59
U.S. Embassy on Constitutional Amendments
The Parliament overturned the presidential objections on the draft constitution at today’s plenary sitting.
13 Oct.'17 22:21
Parliament Overrides Presidential Veto on Constitutional Amendments
The ruling party approved the initial version of the draft constitution with 117 votes.
13 Oct.'17 12:09
Georgian MFA on Catalonia Developments
Tbilisi rejects unilateral declarations of independence.

About Civil Georgia
Civil.Ge © 2001-2017, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
31