Internet Cable from Georgia to Bulgaria Handed Over to Azerbaijani Company

As a result of the latest transaction, Azerbaijani businessman Nasib Hasanov has become the 100% owner of the internet provider "Caucasus Online." Khvicha Makatsaria, the owner of the main channel of internet communication for "Caucasus Online," sold the controlling stake (51%) of the company’s shares to the Azerbaijani company "Nexol Holding." The information was reported by businessformula.

49% of the shares had already been transferred to the Azerbaijani company in 2019. The transaction was not approved by the National Communication Commission, which had requested the company several times to return the shares to their original state. Consequently, as a result of the latest transaction, Azerbaijani businessman Nasib Hasanov has become the 100% owner of "Caucasus Online." Likewise, this transaction has not been confirmed by the national commission. Accordingly, the commission considers Hasanov the illegal owner of "Caucasus Online." Last summer, following amendments to the law on communications, the commission had appointed a special manager for the company, although the court had temporarily suspended the manager's powers.

The Georgian company "Caucasus Online" is an operator of optical cables. The cable runs from Georgia to Bulgaria along the bottom of the Black Sea. It is the largest channel of internet communication between Europe and the South Caucasus. Various estimates suggest that Georgia currently accounts for about 80% of Armenia’s external internet traffic. Additionally, Armenia also benefits from two cables coming from Russia—one passing through the Black Sea and the other a land route. 20% of network communication comes from cables passing through Iran. Armenian internet operators serve as transit providers to Iran, Afghanistan, and recently to Qatar.