Hungary has filed to annul an award of some EUR 73 million, before interest, to French food voucher company Sodexo, granted in an arbitration ruling by the World Bankʼs International Center for Settlement of Investment Disputes (ICSID), state news agency MTI reported, citing case information on ICSIDʼs website.
Arbitration proceedings which the Hungarian energy group MOL has launched against Croatia before the ICSID in Washington are still ongoing and a ruling is pending, and Croatia has contested the jurisdiction of the arbitration tribunal.
Hungarian State has been ordered to pay Sodexo an award of about 73 million euro, before interest.
Hungary and Belarus signed an investment protection agreement.
Many see the withdrawal of the lawsuit as a tactical move whereby MOL wants to additionally strengthen its position in ongoing arbitration proceedings it launched in Washington in 2013.
China is willing to better dovetail the Belt and Road Initiative with Hungarian development strategies, expand bilateral trade and investment scale.
Switzerland’s top court has rejected Croatia’s request to annul an arbitral award by the United Nations Commission on International Trade Law (UNCITRAL) in the INA-MOL case, the government said.
Japan has now become Hungary’s leading Asian investor, the Hungarian foreign minister told news agency MTI on the first day of his official visit to Japan.
Croatia has lodged a request with the Federal Supreme Court of Switzerland for the annulment of an arbitral award in the case INA-MOL
The Hungarian government is seeking to sign a “new” trade pact with the United States as the planned TTIP “will not happen”
Croatia’s government said it will appeal the ruling of the Arbitral Tribunal which dismissed Croatia’s claims against Hungary’s MOL in a case concerning Croatian oil and gas company INA
Unfavourable arbitration ruling means that Croatia will have to cover most of the costs.
In the landscape of international investment arbitration the allegations of corruption have become more and more common.
The ICSID delivered its decision in Edenred’s arbitration claim against the Hungarian State in the Group’s favor.
Environmentalists urge the government to turn to the European Court of Justice on the issue of the planned Investment Court System.
The proceedings are based on the Energy Charter Treaty and seek relief for breaches of the principle of investor protection in the gas sector.
Hungary will not support any trade agreement between the United States and the European Union that impairs the jurisdiction of Hungarian courts in trade disputes, Prime Minister Viktor Orban said on Friday.
The outcome of EU-US free trade talks hangs in the balance and the government will only support an accord which serves Hungarian interests, Foreign Minister Péter Szijjártó said in a parliamentary debate initiated by the opposition about the Transatlantic Trade and Investment Partnership (TTIP)
The proposed Trans-Atlantic Trade and Investment Partnership (TTIP) is meeting increased resistance in Eastern Europe.
An ICSID arbitration panel rules in favour of Hungary against US/Israeli investors seeking €300 million in compensation for a failed casino project.