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Edenred v. Hungary Edenred S.A. v. Hungary (ICSID Case No. ARB/13/21)
Nationality of the parties
Summary of matters at issue
Company engaged in the sale of social vouchers in Hungary.
Claims arising out of the enactment of legislation granting the Government a monopoly over the prepaid corporate vouchers industry, allegedly introducing a State-run voucher system with conditions more favourable than those granted to private operators.
Economic sector and subsector
Tertiary: N - Administrative and support service activities
82 - Office administrative, office support and other business support 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
Fernández-Armesto, J.
Orrego Vicuña, F. (replaced)
Tschanz, P.-Y.
von Wobeser, C.
Status/Outcome of original proceedings
Decided in favour of investor
Decisions rendered
Decision on the Respondent’s preliminary objections pursuant to ICSID Arbitration Rule 41(5) dated 6 June 2014
Decision concerning the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 16 October 2014
Award dated 13 December 2016
Amount of compensation
Data not available
23.00 mln EUR (24.30 mln USD)
IIA breaches alleged/found
Indirect expropriation
Indirect expropriation
Follow-on proceedings
ICSID annulment proceedings
ICSID annulment proceedings
Verhoosel, G. (Member)

Ufot, D. U. (Member)

Low, L. A. (President)

Tercier, P. (President) (replaced)

Yusuf, A. A. (President) (replaced)
Link to Italaw's case page