Azerbaijani businessman buys company delivering internet to the region

Azerbaijani businessman buys company delivering internet to the region
March 25, 2021 - 15:24 AMT

PanARMENIAN.Net - Neqsol Holding owned by Azerbaijani businessman Nasib Hasanov has become the 100% owner of Georgian internet provider Caucasus Online, which delivers internet to the region, Agenda.ge reported Wednesday, March 24.

The former owner of Caucasus Online Khvicha Makatsaria recently transferred his 51% stake to Hasanov, who had purchased a 49% stake in the company for $61 million back in 2019.

The Georgian National Communication Commission (GNCC), the regulatory body overseeing broadcasting and electronic communications, says that Hasanov bought the shares of Caucasus Online "in violation of several lawsuits and today is the 100% illegal owner" of the company.

The GNCC stated that even in 2019 the deal for the purchase of a 49% stake in Caucasus Online was not agreed upon with the commission in advance, therefore initiating punitive actions against Caucasus Online.

It demanded that the company reverse the transaction and restore the pre-sale status quo and to achieve this goal the GNCC appointed a special manager to Caucasus Online on October 1, 2020 until 49% of the alienated share of the company was returned to its original state. However, the GNCC says that the court suspended the authority of the special manager.

In the meantime Hasanov has purchased the remaining 51% of Caucasus Online 'in an expedited manner without the consent of the Communications Commission', says the GNCC.

Caucasus Online’s most important physical asset is the Caucasus Cable System, a 1,200-kilometer fiber-optic cable (FOC) constructed along the bottom of the Black Sea by Tyco Electronics (today known as TE Subcom), that directly transits internet traffic from Europe to the South Caucasus and the Caspian basin.

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