Badri Patarkatsishvili’s Family Gets Imedi TV Back

Badri Patarkatsishvili’s family has got TV company Imedi back, the agreement over the issue was reached on October 16, Imedi TV reports.

Based on the agreement concluded between old and new owners the TV Company was given back to the initial owner.

Thus far no changes have been made to the data provided by the Entrepreneurial Registry and Georgian Media Production Group is still the 100 percent shareholder of TV Imedi.

Former Minister of Economy Giorgi Arveladze is 45 percent shareholder of the company. Giorgi Korakhashvili and Giorgi Mikeladze hold 30 ad 15 percent of shares respectively.

10 percent of Georgian Media Production Group is held by Joseph Kay, a relative of the late business tycoon Badri Patarkatsishvili, founder of Imedi TV. Following Badri Patarkatsishvili’s death in February 2008, in his mansion in London, Joseph Kay took management over his assets including Imedi TV based on the documents whose legality was questioned by Patarkatsishvili’s family, alleging the papers were forged.
Patarkatsishvili’s family lost the court dispute vs Kay. The latter, Patarkatsishvili’s family alleged, was enjoying government’s support to ultimately get the TV Company in its hands. The dispute was furthered at New York, Gibraltar and London courts. About a year ago Patarkatsishvili’s family said that dispute ended up with conciliation. The businessman’s family ultimately gave up on Imedi TV but got the rest of the assets back in Georgia including Rustavi Metallurgical Plant and Mtatsminda Park.

Media.ge