15.Jul .2020 19:22

The new shareholder of "Caucasus Online" makes the first comment – exclusive

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BM.GE interviewed new 49%-shareholder of Caucasus Online. Temur Tagyev, head of strategic development at Azerbaijan's NEQSOL Holding said, that there was a misunderstanding and miscommunication between the parties over the acquisition of shares in Caucasus Online, which caused problems.

According to Temur Tagyev, Georgian regulatory agency asked Caucasus Online to submit documents regarding the beneficial owners and they immediately submitted without creating any problems. Therefore, the "hostile" attitude of the commission towards them is incomprehensible for the Azerbaijani company.

"We know that the previous government of Georgia was aware of our plans and knew about our strategy for the implementation of the Digital Silk Road project. We always tried to act transparently. Upon request, we informed the National Communications Commission about the owners of the company. So, there may be uncertainty, or miscommunication between us and the Communications Commission, which has led to these great misunderstandings and problems. Also, as far as I know, there was some communication between the previous management of Caucasus Online and the Communications Commission. But I can not comment on that. I emphasize that prior to concluding this transaction, a large holding company such as NEQSOL Holding would have considered the possible risks associated with this transaction. We believe that the then government of Georgia was fully aware of our plans, including the alienation of shares, so we were surprised to see such a sharp response from the Communications Commission. "Because the recent decisions of the commission were particularly hostile," declares representative of the company.

Company NEQSOL is a holding owned by Azerbaijani businessman Nasib Hasanov, which bought a 49% stake in Caucasus Online last year. The deal turned out to be noisy and problematic. The Communications Commission said that the transaction was not agreed with them and requested the return of Caucasus Online shares to their original state, however in vain.

NEQSOL Holding explains that the Azerbaijani company, which operates on the international market, has quite big plans in Georgia, and this is related to the implementation of the digital Silk Road project. The project, cost of 200 million envisages the restoration of the historic Silk Road project from Europe through Georgia, but in a digital direction. NEQSOL Holding said that former Prime Minister of Georgia was aware of the project and the new government should have information as well.