GNCC gives 3-month deadline to Caucasus Online to return 100% of sold shares to pre-sale status quo

19:11, 15.10.2021

Georgian internet provider Caucasus Online has been again obliged to return 100% of its “illegally alienated” shares to their original state, the Georgian National Communications Commission (GNCC) announced on Friday.

The Communications Commission first initiated administrative proceedings pertaining to the unlawful purchase of the 49% stake in Caucasus Online in October 2019. Since then, the Commission fined Caucasus Online six times for violating the legislation and demanded that the company revert its shareholding to the pre-sale status quo. Although the company paid the fines, it refused to comply with the Commission’s instruction to reverse the sale of the shares. Moreover, it unlawfully purchased the remaining 51% of the company, GNCC said.

Caucasus Online should reverse the deal by 20 December 2021.

By - Marika Kartozia

Society

Caucasus Online

Georgian National Communications Commission