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2011
Vigotop v. Hungary Vigotop Limited v. Republic of Hungary (ICSID Case No. ARB/11/22)
Nationality of the parties
Hungary
Cyprus
Summary of matters at issue
Shareholding in two Hungarian subsidiaries; indirect rights under a concession contract for a resort development project to which claimant's local subsidiary was a party.
Claims arising out of a series of alleged unlawful measures by the Government which culminated in the termination of certain concession contract for a resort development project that would include a casino, three luxury hotels and various attractions, known as the King's City Project.
Economic sector and subsector
Tertiary: L - Real estate activities
68 - Real estate activities
Arbitral rules and administering institution
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Composition of tribunal
Sachs, K.
Bishop, D.
Heiskanen, V.
Status/Outcome of original proceedings
Decided in favour of State
Decisions rendered
Amount of compensation
312.60 mln EUR (425.60 mln USD)
Data not available
IIA breaches alleged/found
Indirect expropriation
None - all claims dismissed at the merits stage
Follow-on proceedings
None
Link to Italaw's case page