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June 25, 2020 21:29

COMCOM issues Caucasus Online with another 270,000 GEL Fine

The Communications Commission has issued Caucasus Online with another 270,000 GEL fine for selling shares without the prior approval of the Commission. The company has been ignoring its obligations under law and COMCOM’s decisions for the past 9 months. Caucasus Online has to revert its shareholding to the pre-sale status quo until 1 August, as well as present information about all beneficiary shareholders (including the previous beneficiary shareholders) within two weeks.

The Commission first ruled the sale of company shares without COMCOM’s prior approval as unlawful on 17 October 2019 and instructed Caucasus Online to reverse the transaction. As the company failed to comply with the ruling, it was fined 30,000 GEL on 12 December 2019, and then 90,000 GEL on 6 February 2020 for continued non-compliance. Caucasus Online had to revert its shareholding to the pre-sale status quo until 22 February, but once again failed to comply. COMCOM previously issued the company with the maximum fine of 270,000 GEL on 12 March.

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