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How the “Caucasus” Was Sold Out?

December 3, 2010
Nana Sajaia, Liberal

The founder of the Caucasus Online abandoned the country. Every door that was closed for Mamia Sanadiradze has been opened for the new owner of the company.

On November 5, Caucasus Online organized a rebranding presentation. The pompous ceremony for the presentation of new services was organized in the Tbilisi Event Hall. The group FTF arrived from London especially for this event and conducted a performance; a room was arranged in the corner of the stage to demonstrate that each family can have three products altogether – internet, IP television and IP telephone.

IP (internet protocol) Television and Telephone is the completely new product on the global market too; which allows subscribers to have high quality TV-image and sound, to watch old programs and have various channels. The Caucasus company obtained the rights to introduce the product in Georgia after a two-year-long struggle with other companies as well as the city authority; though this was accomplished without the person who started the process from the very beginning.

At the presentation of November 5, the new general director of the company- Gia Adeishvili spoke about the advantages of IP technology instead of Mamia Sanadiradze: “Underground optic wire can reach each residential houses. Subscribers will receive fast, high-quality and stable internet, as well as IP television with various functions and IP telephone. We promise maximum comfort to our subscribers,” Adeishvili informed the subscribers who have been dissatisfied with the instable internet of the Caucasus for many years.

At the presentation, Gia Adeishvili connected the optic internet wire together with the Tbilisi Mayor.

The Mayor and the director of the former leading internet company got on the illuminated stage together with two beautiful girls and joyfully raised the internet wire to show to the people.

Gigi Ugulava said the transformation of the Caucasus was an historical event; he said a modern city should have fast and high-quality internet.

During the renovated company’s extravagant presentation, the founder of the Caucasus was not in Tbilisi. Sanadiradze had moved to London together with his family several months ago. His old friend and Financial Director of the Caucasus Internet Media Group- Beso Gabunia said Sanadiradze sold 50% of the company because of problems. “He might have preferred to sell it than to destroy the company. The struggle lasted for two years. Everything should have its finish. 500 people work in the company and can you imagine that all of them were coming to the office every day thinking it was their last working day in the company; they thought the company’s existence was finished.”

Sanadiradze first had problems with its rival company United Telecom in 2008. The Caucasus already owned 78 % of the Georgian market. United Telecom initially requested 3 million GEL for the service and then switched off the subscribers of DHL system of the Caucasus.

Later, the supervision department of the City Hall interfered in the controversy and switched off GeLink networks in the residential houses of the central districts of the city.

Finally, the Caucasus and the supervision department agreed to put the wires under the ground but United Telecom, New Network and Akhteli owned the underground communication channels in Tbilisi. So, they did not allow the rival company to use their infrastructure for its fiber-optic network. It was impossible to widen the GeLink network in Tbilisi throughout the following year. In addition to those problems, the GeLink networks were switched off in secret and the Caucasus appealed to the ministry of internal affairs regarding the problem; however, they did not resolve the problem.

At that time, it was assumed that the government was persecuting Mamia Sanadiradze because of his undesirable political opinion.

Beso Gabunia said he does not know the current owners of the Caucasus. He described the division of the shares within the company as follows: “The negotiations lasted almost six months. I know that the agreement was signed in the off-shore territory. An English Investment Company owns 20% of the company; Mamia owns 30% and GMC Group is the owner of the other 50%. This group was an ordinary Ltd registered in Tbilisi. Then, every party established the off-shore company International Online Networks and divided the shares inside it.”

According to the extract from the Public Registration, since March 12, the owner of 100 % of the Caucasus has been the Company International Online Network registered on Virginia Island. The new Director- Gia Adeishvili, who was hired by Networks, also confirmed the information. “Grows Master Holdings” owns 50% in the Networks; Nelgado Ltd” owns
19. 94 % and Mamia Sanadiradze still owns 30.06 % in the company,” said Adeishvili.

The former owner of the Company, Sanadiradze does not want to give interviews to media sources yet. He does not answer phone calls or emails. It is becoming more and more difficult to obtain information about the new real owner of the Caucasus. Off-shore law protects the anonymity of the real owners of the Caucasus who stand behind English titles.

It is also noteworthy that International Online Network could easily obtain the rights which were completely impossible for Sanadiradze despite his long-term struggle. The new Director Gia Adeishvili has launched the suspended projects of the Caucasus and has already started speaking about future long-term activities too.

We inquired how the new administration managed to resolve the problems with the rival companies and the government and Beso Gabunia replied that the current owners obtained permission from the City Hall. “They might have made a deal with the City Hall.” He said the problems were resolved by dividing the shares in the company. “Adeishvili is a hired director. He does not have any share in the company.”

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