Background: claimants made two 2011 investments in Spanish CSP plants

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Action reveals that ICC tribunal ordered disclosure of third-party funder

Costs are shared equally given complex issues that split the tribunal

Local subsidiary, though loss-making, retained value that should be deducted from total compensation

But-for analysis should consider measures as a package, and later measures do not amount to restitution

It was irrelevant that the measures profited a charitable foundation, as this did not make the expropriation less unlawful

Measures were de facto discriminatory, even if framed and phrased as general in nature

Hungary’s intent behind the reform was to expel French investors from the food voucher market

Decision by competitor to re-enter the market does not prove that expropriation was merely temporary

Claimant’s shares in its subsidiary are sufficient for its claim of expropriation, majority holds

Intra-EU objection lacks merit since arbitration does not include any consideration of EU law

Tribunal orders production by Hungary of awards adverse to the state

Background: Reform of food voucher system in Hungary leads to treaty claim

Costs mostly go Spain’s way, but tribunal applies discount for procedural conduct

Combination of legitimate acts and conduct cannot, without more, amount to an expropriation

Alleged comparators were not in similar circumstances since their situation fell under a different regulatory framework

Even a more generous independent FET standard would not have sufficed to grant the investors’ claims

Spain provided sufficient justification for failure to produce documents, meaning that there is no ground to draw adverse inferences

Conditions for the sale of Banco Popular were not unreasonable

Central Bank’s refusal to grant further liquidity assistance was not arbitrary

Alleged negative statements were in fact either positive or neutral

No discrimination, since Spain’s attitude toward other banks was not comparable

Tribunal sees no obligation on Spain to monitor or stop withdrawals from Banco Popular, to make statements in support of the bank, or to enact short-selling ban

Threshold for MST breach is high, but deference to state’s conduct is not unlimited

Claimants bear burden of proof in relation to facts; standard of proof is of “reasonable certainty”

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