About Civil.ge
Eng | Geo | Rus
Last updated: 14:35 - 24 Apr.'14
 
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
24 Apr.'14 14:35
Georgian President in Prague for EaP Anniversary
Margvelashvili participates in high-level meeting marking 5th anniversary of Eastern Partnership.
24 Apr.'14 13:42
French, German FMs Hold Talks with Georgian Leadership in Tbilisi
Fabius and Steinmeier arrived in Tbilisi after visiting Moldova.
23 Apr.'14 18:54
Georgian, Greek FMs Meet in Athens
Bilateral ties, Georgia’s EU, NATO integration, as well as Ukraine discussed.
23 Apr.'14 17:43
French, German FMs to Visit Tbilisi
The visit is part of their joint trip, which also includes Moldova and Tunisia on April 23-25.
23 Apr.'14 17:40
PM Rules Out Cabinet Reshuffle
These rumors are spread by UNM to instill “sense of instability”, PM Garibashvili said.
22 Apr.'14 23:49
Ex-Defense Minister Okruashvili Barred from Running for Gori Mayor
CEC said Okruashvili, who returned to Georgia less than 2 years ago, fails to meet residency requirement.
22 Apr.'14 22:52
Iranian President Meets Georgian Diplomat, Raises Rail Link with Georgia via Azerbaijan
The entire region will benefit from this railway link, President Rouhani said.
22 Apr.'14 19:57
Saakashvili Presidential Library Holds Soft Opening
Saakashvili said via video link he will return much sooner than Ivanishvili can imagine.
22 Apr.'14 14:31
Russia Releases Georgian Jailed for 'Spying'
So far Russia released three Georgian citizens, who were serving prison terms for spying.
21 Apr.'14 17:42
Security Chief Replaced in Breakaway S.Ossetia
Attoev, who led breakaway region’s KGB since November 2006, was sent into retirement.

About Civil Georgia
Civil.Ge © 2001-2013, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
58