ICSID upholds an arbitration ruling rendered in favor of Sodexo related to its Benefits & Rewards Services in Hungary
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Paris, May 24, 2021
On May 7, 2021, the International Center for Settlement of Investment Disputes (ICSID) confirmed the arbitral award that had been rendered, in favor of Sodexo, on January 28, 2019, in the context of its dispute with the Hungarian State initiated in 2014, related to changes in the regulatory and fiscal environment in Hungary concerning issuance of food and meal vouchers.
The arbitral ruling ordering the Hungarian State to pay Sodexo 73 million euros of damages (plus accrued interest since December 31, 2011), had been challenged by Hungary on May 27, 2019. The ICSID committee’s decision to reject Hungary’s challenge means that the January 2019 favorable arbitral award,