As Georgia's National Communications Commission reports, the Caucasus Online company may face sanctions.
The National Commission gave a term to Caucasus Online until August 1, 2020, to cancel the transaction by which Azerbaijani NEQSOL holding had bought Caucasus Online and provide the 49% share of the company to its former owner Khvicha Makatsaria.
In 2019, NEQSOL, the parent company of Caucasus Online, paid 61 mln USD for the share. The transaction was followed by the acute reaction of Georgia's Communication Commission and government. The commission noted that no agreement with it had been achieved in advance, that subject to strict sanctions for Caucasus Online.
The 16th and 17th articles of the Commission agenda refer to the administrative responsibility of the company.
It is yet unknown if Caucasus Online will have a select manager.
Naturally, NEQSOL Holding is against the decisions of Georgia's commission. If the parties disagree, the case may be handed over to the international arbitration court.
Маri Chitaia
News Author