ICSID Issues Award For Farmers After Hungary Took Prelease Right

(November 25, 2019, 12:30 PM EST) -- WASHINGTON, D.C. — Hungary violated an agreement between the United Kingdom and Hungary by expropriating British farming professionals’ vested statutory prelease rights to Hungarian agricultural land and awarding the leases to third parties in January 2014 without compensation, an International Centre for Settlement of Investment Disputes (ICSID) tribunal ruled in an award published Nov. 13 (Magyar Farming Company Ltd., et al. v. Hungary, No. ARB/17/27, ICSID)....

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