About Civil.ge
Eng | Geo | Rus
Last updated: 16:38 - 25 Apr.'15
 
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
25 Apr.'15 11:57
Moscow Says EUís Eastern Partnership is ĎAnti-Russianí
Russian MFA spokesperson said Moscow has “a very negative” stance towards EaP.
24 Apr.'15 14:14
Georgian Parliament Vice Speaker Attends Ceremony Marking Centenary of Armenian Massacre
MP Kobakhidze chairs Georgian-Armenian group of friendship in the Georgian Parliament.
24 Apr.'15 12:29
U.S.-Georgia Defense and Security Working Group Meets in Tbilisi
The U.S. delegation reiterated “strong bilateral partnership.”
23 Apr.'15 17:06
Belarus, Georgia Pledge to Deepen Ties
Lukashenko: “We have never let you down even in the most difficult times.”
22 Apr.'15 19:15
Belarus President Starts First Official Visit to Georgia
Lukashenko will meet Georgian officials in Tbilisi and Batumi on April 23-24.
22 Apr.'15 11:01
Georgian Parliament Speaker Visits Montenegro
Usupashvili said bilateral cooperation, as well as NATO and EU integration will be discussed.
21 Apr.'15 18:52
Georgiaís Foreign Trade in Q1í15
Georgia’s export was down by 27.7% and imports by 3% y/y in January-March, 2015.
21 Apr.'15 15:27
PM Names New Infrastructure Minister
Nodar Javakhishvili will replace Davit Shavliashvili, who filed resignation on April 21.
21 Apr.'15 13:34
Infrastructure Minister Files Resignation
The ministry said Shavliashvili stepped down because of health reasons.
21 Apr.'15 10:59
Georgian, Ukrainian Parliament Speakers Meet in Kiev
Setting up of parliamentary conference of Georgia, Ukraine and Moldova proposed.

About Civil Georgia
Civil.Ge © 2001-2013, Daily News Online
Registered office: 2 Dolidze Str, 4-th Floor.
45