Communications Commission Instructs Caucasus Online to Return 100% of its Shares to the Pre-Sale Status Quo
The Communications Commission has once again ruled that Caucasus Online violated the legislation. The company has been instructed to return 100% of its shares to the pre-sale status quo within three months.
On 22 March, the Commission found out that following the previous violation of the legislation by selling 49% of company shares, Caucasus Online unlawfully sold the remaining 51% without approval of the Commissionto Weco Investments and Finance S.A. – a subsidiary of Harriman Ltd, a company registered in U.K. Virgin Islands and partly owned by Nasib Hasanov.
Based on the fact that Caucasus Online failed to inform the Communications Commission in advance about its beneficiary owner’s intention to sell his shares, the company violated the legislation of Georgia.
Since 2019, the Communications Commission has been demanding that Caucasus Online reverses the transaction and restores its shareholding to the pre-sale status quo. Due to continuous violation of the legislation and the failure to comply with the decisions of the Commission, the company had to pay large fines on several occasions. At the end of 2020, the Commission appointed a special managerto Caucasus Online to enforce the legislation.