December 16, 2016
Arbitration ruling from the ICSID delivered in Edenred's favor in Hungary
On December 13, 2016, the International Center for Settlement of Investment Disputes (ICSID) delivered its decision in Edenred's arbitration claim against the Hungarian State in the Group's favor.
Due to a change in the regulatory and tax framework in Hungary related to the issuance conditions of Meal & Food Vouchers, in August 2013, Edenred filed a claim for arbitration against the Hungarian State before the International Center for Settlement of Investment Disputes (ICSID).
The decision delivered at the outcome of the proceedings is favorable to Edenred, and the Hungarian State is ordered to pay Edenred an award of approximately €23 million1, excluding interest.
This decision represents an important step in the process of solving this dispute. The next step consists of making sure that the ICSID's decision is implemented.
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