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Arabian Company “Rakin Development” Purchased 90 Percent of Shares in “Imedi TV”

26.02.2009
90 percent of the shares in TV Company Imedi were assigned to Arabian Company “Rakin Development”; Josef Key owns the rest 10 %.

Arabian Company owns several businesses in Georgia: “Core Standard Bank”, Poti Port, Building Company and Park on Mtatsminda in Tbilisi.

Arabian Company makes investments in media-market too and it will unify media-holding. TV Company “Imedi”, Radio “Imedi” and technical group “TechnoMedia” will go into the media-holding. 

TV Company Imedi will receive all financial assistance that is necessary for its development in order to gain back the leading role in Georgian media. “I decided to assist the “Imedi TV” to be supported by stronger partner like Rakin Kort,” said Josef Key.

Mark Monel, representative of the Arabian Company, stated at the briefing that he has financial interests in media-market.

“Our company is the biggest investment company in Georgia which has implemented very important business projects. Our team is ready to continue investments in Georgian media market. We support “Imedi TV” to turn into a strong financial organization, also to establish independent editorial policy and improve media management in the company,” said Monel.

Family of Badri Patarkatsishvili, late owner of the company, responded to the fact. Nona Kandiashvili, representative of the family reported to the Medianews that they are going to continue their fight for the TV Company in international courts.

“As for Arabian Company “Rakin Development”, which is owner of the park on Mtatsminda, has appropriated the TV Company like other business of Patarkatsishvili. They will never be honest purchaser because they knew how “Imedi TV” and park on Mtatsminda were deprived from Patarkatsishvili’s family. These cases are still topics for discussion at international courts,” said Nona Kandiashvili.

Representative of the family said that Key’s claiming as if he intended to realize the will of Badri Patarkatsishvili to restore the TV Company “Imedi” turned out false in fact.

Source: Medianews

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