Landmark ICSID Award against Hungary
Szecskay Attorneys at Law secured a EUR 73 million, high-profile victory at an ICSID tribunal on behalf of French food services company, Sodexo Pass International. The tribunal awarded the decision on 28 January 2019 and ordered Hungary to pay the amount plus interest after also rejecting the European Commission’s amicus brief submitting that the ICSID tribunal lacks jurisdiction following the Court of Justice of the European Union’s landmark judgment in the Achmea case.
The case concerns the effects of Hungary’s legislative package reforming Hungary’s fringe benefit system. Sodexo argued that the reform constituted indirect expropriation of Sodexo’s investment under the French/Hungarian bilateral investment treaty.
Szecskay Attorney at Law’s team consisted of Andras Szecskay and Gyorgy Wellmann, who were co-counsel to Philippe Cavalieros and Janet (Hyun Jeong) Kim from Simmons & Simmons, Paris.