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Local subsidiary, though loss-making, retained value that should be deducted from total compensation
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But-for analysis should consider measures as a package, and later measures do not amount to restitution
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It was irrelevant that the measures profited a charitable foundation, as this did not make the expropriation less unlawful
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Measures were de facto discriminatory, even if framed and phrased as general in nature
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Hungary’s intent behind the reform was to expel French investors from the food voucher market
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Decision by competitor to re-enter the market does not prove that expropriation was merely temporary
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Claimant’s shares in its subsidiary are sufficient for its claim of expropriation, majority holds
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Intra-EU objection lacks merit since arbitration does not include any consideration of EU law
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Tribunal orders production by Hungary of awards adverse to the state
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Background: Reform of food voucher system in Hungary leads to treaty claim
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