20 October 2023
The Independent Media Commission (IMC) has recently been faced with the phenomenon of the change of ownership of licensees in their business registration certificate, without prior written approval from the IMC as defined by the Law and by-laws of KPM.
Changing the ownership of the business certificate in which the KPM license was issued, without prior approval, constitutes a violation of the KPM Law and by-laws as well as the conditions of the KPM license. In this regard, we remind you of Article 21, paragraph 3 of Law No. 04/l-44 for the Independent Media Commission which defines:
"Licenses cannot be used and transferred without the prior written authorization and approval of the KPM."
Also, with the terms and conditions of the licensee's license, it is determined that for any change in ownership that captures more than 10% of the shares of interests or those that have a significant impact on the control of the Licensee, prior written approval is required from the of the KPM.
Therefore, KPM requires licensees not to take any action to change the ownership of their business registration certificate without prior written approval from KPM, (this means that the change of ownership process must first be authorized by KPM, and then the change in the business certificate occurs) otherwise, in all cases of change of ownership without prior written approval from the KPM, immediate sanctioning measures will be taken in accordance with Article 30 of the Law on the KPM, which measures may lead to License Termination.
KPM will open legal cases for each change of ownership that has not received prior approval from it, as well as instruct licensees who have already made a change of ownership in their business registration certificate, without prior written approval from KPM, to immediately notify the KPM by submitting a request for this change together with the necessary documentation.