International Court of Arbitration to resolve commercial disputes in Georgia
/business-disputes.jpg)
The memorandum of establishing the International Court of Arbitration in Georgia will be signed on 20 December in Paris. Photo: N. Alavidze/Agenda.ge.
Tweet 
Share
Georgia is establishing the International Court of Arbitration in order to resolve commercial matters with specially-trained judges and rules designed to promote rapid resolution of business disputes.
The memorandum of establishing the International Court of Arbitration in Georgia will be signed on 20 December in Paris, France, announced Prime Minister of Georgia Mamuka Bakhtadze at today’s government meeting.
This means that Georgia will be the second country in Europe to have such services offered to businesses, which will promote economic activities”, said Bakhtadze.
The court is likely to start functioning in 2019.
The establishment of commercial chambers within courts of law and insolvency reform were the main topics of the 9th meeting of the investors council, chaired by the Prime Minister of Georgia Mamuka Bakhtadze.
Georgia’s Ministry of Economy is launching a competition to choose commercial attaches to appoint to Georgian embassies abroad.
Georgia is creating special groups dedicated exclusively to resolving commercial matters with specially-trained judges and rules designed to promote rapid resolution of business disputes.
To promote ease of doing business in Georgia, the Government is further simplifying duty tax rules for imported goods.
Over 40 countries, including Georgia, have today signed a mediation convention in Singapore to settle trade disputes, announces the Ministry of Justice of Georgia. Justice Minister Thea Tsulukiani signed the United Nations (UN) Convention on International Settlement Agreements Resulting from Mediation.
Neqsol Holding, a shareholder of Georgian internet provider Caucasus Online, is going to sue the Georgian government in the International Court of Arbitration for appointing a special manager to the board of Caucasus Online, who has been given the authority, amongst other things, to dismiss directors, members of the supervisory board and employees of the company, and suspend or restrict its right to distribute.
The Council of Europe’s Venice Commission says the amendments to the Georgian Law on Electronic Communication ‘leads to far reaching consequences for the right of property and media freedom as well as for the right to a fair trial’.
Azerbaijani Neqsol Holding owned by businessman Nasib Hasanov has become the 100% owner of Georgian internet provider Caucasus Online. The former owner of Caucasus Online Khvicha Makatsaria transferred his 51% stake to Hasanov a few days ago, who had purchased a 49% stake in the company for $61 million back in 2019.
Tbilisi Court of Appeal on Tuesday rejected the defamation claim of the owner of Neqsol Holding, an Azerbaijani company that acquired shares in the Georgian internet provider Caucasus Online in 2019 and 2020, against the Georgian National Communication Commission.