The dispute between NEQSOL Holding and the Government of Georgia is resumed in the International Arbitration Tribunal of the World Bank. According to the former Chairman of Communications, Kakhi Bekauri, late in this June, the parties decided to make a settlement, but as of the renewed arbitration hearings, the negotiations between the parties failed.
The Communications Commission considers purchase of "Caucasus Online" by NEQSOL Holding "illegal" and states that the deal should have been agreed with the agency, which was not done by the investor of the company.
On June 23, Kakha Bekauri, the chairman of the Communications Commission, said that there was no alternative to the talks and the Azerbaijan side had suspended the arbitration process.
"The positive changes are real. There are preconditions for mutual agreement. It was a positive step when the Azerbaijan side suspended the process in international arbitration. Negotiations do not have an alternative and these negotiations must be successful, especially when it comes to our neighboring country, Azerbaijan, which is a very important partner for us," Kakha Bekauri said on June 23.
However, in October of this year, it appeared that the negotiations did not have positive results, as the Communications Commission demanded Caucasus Online to change the purchase of shares once again, and set a deadline for December 31 this year.
The hearings at the Arbitral Tribunal resumed on November 11 this year. The last hearing on the issue was held on November 23, in which the parties participated through a video conference.
Georgia is presented by the Ministry of Justice and the international law firm Dechert in the arbitration dispute. NEQSOL Holding's interests are protected by international law firms DLA Piper and Quinn Emanuel Urquhart & Sullivan UK.
