Imedi TV has new owners.  Imedi TV published the Declaration of Comformity at its website on December 29, announcing Georgian Media Production Group as the sole owner of the TV-company.  Georgian Media Production Group shares are divided as follows:  Giorgi Arveladze – 45%, Giorgi Korakhashvili 30%, Giorgi Mikeladze 15% and Joseph Kay – 10%. 

According to the Public Register before November 22, Joseph Kay held 10% of shares and Panama-registered Raak Georgia Holding, represented by Giorgi Arveladze owned 90% of shares. 

Giorgi Arveladze took the offshore company share under his ownership and sold part of it to Giorgi Korakhashvili.  The Contract made between them does not indicate the amount of payment.  The share capital of the company is GEL 6 million. 

Only two from Imeti TV factual owners are not known to the publicity – Giorgi Korakhashvili and Giorgi Mikeladze. 

Owner #1 – Giorgi Korakhashvili

Giorgi Korakhashvili is President of computer company Algorithm, solely owned by his father Givi Korakhashvili.  For 2010 local elections Algorithm donated GEL 50 thousand  to the governing United National Movement. 

Only two companies participated in the governmental project Computer for All and one of them was Algorithm. 

In 2011 60 thousand netbooks for first-graders have been assembled in the Korakhashvilis’ Algorithm constructed factory.  President Mikheil Saakashvili personally launched the assembling process. 

Giorgi Korakhashvili owned 40% of the Avtogazi Pirveli LLC.  It is a subsidiary company of Avtogaz, which owned automobile natural gas stations (compressors) in different regions of Georgia (Tbilisi, Rustavi, Kutaisi, Telavi, Marneuli, Khashuri, Tserovani, Zestafoni, Samtredia).  The company also owns mobile automobile natural gas stations. 

The rest of 60% of Autogaz Pirveli LLC are under ownership of Georgian International Energy Corporation; director Natia Turnava, former First Deputy of the Former Minister of Economic Development Kakha Bendukidze.  Owner of the Georgian International Energy Corporation is the Holding Georgian Industrial Group also owning First Stereo TV-Company 60% shares.  Until December 2011 the given Holding also indirectly owned Rustavi 2 broadcasting company and TV-company Mze. 

Giorgi Korakhashvili is President of Georgian Taekwondo Federation.  He is the spouse of popular singer Nino Chkheidze. 

Owner #2 – Giorgi Mikeladze

Owner of 15% of Imedi TV shares Giorgi Mikeladze is a businessman.  His Bennett and Bennett Capital solely owns the B and B Provisions LLC, which on April 1 2010 received through a contract with Tbilisi Municipality the 35-year management right of 100% of the Sasatbure Meurneoba LLC (Hothouse Industry). 

Giorgi Mikeladze also owns 80% of Grato Passage Company.  According to the Tbilisi Municipality website Grato Passage was supported to be a multifunctional mall in one of the central districts of Tbilisi.  Bennett and Bennett Capital was supported to implement the project.   

According to the Grato Passage website Bennett and Bennett Capital is an investment company operating in Georgia, Great Britain and Russia.  Main spheres of activity of the company are finances, development and real estate management.  Since 2011 Bennett and Bennett Capital decided to cultivate Dutch flowers in Georgia.  The company implemented the project jointly with the government. 

Obligation to publish the declaration of conformity for license-holding broadcasters has appeared after April 2011 amendments to the Law on Broadcasters.  The new amendments prohibit companies registered in an offshore zone to directly, or indirectly own a broadcaster.  Broadcasters are also obliged to post information about their owners on their websites.  Rustavi 2 broadcasting company has already posted the declaration also.