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Costs follow event, and Telenor’s inconsistent pleadings influence allocation of costs
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Telenor’s investment comprises the radiotelephone network, the concession, Pannon’s customers and Pannon’s income expectations
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Ordinary language of the BIT’s dispute resolution clause indicates that States intended to limit its applicability to matters of expropriation
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Whether MFN clauses can be used to expand jurisdiction continues to be a point of contention
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MFN clause cannot be used to expand tribunal’s jurisdiction
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Wide interpretation of MFN clauses risks treaty shopping and creates instability
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Tribunal finds no evidence of substantial erosion of the value of Telenor’s investment
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Substantial erosion of the value of an investment is key to proving indirect expropriation
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Telenor must prove prima facie case of expropriation
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