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Globe Newswire | 4 February 2019
Arbitration ruling from the ICSID delivered in favor of Sodexo’s benefits and rewards activities in Hungary
News release by Sodexo
Paris, February 4, 2019 – On January 28, 2019, the International Center for Settlement of Investment Disputes (ICSID) delivered its decision in Sodexo’s arbitration claim against the Hungarian State in the Group’s favour.
Due to changes in the regulatory and fiscal environment in Hungary related to the issuance of food and meal vouchers, Sodexo had filed a claim for ICSID arbitration in July 2014 against the Hungarian state.
The decision delivered at the outcome of proceedings is favorable to Sodexo, with the Hungarian State being ordered to pay Sodexo an award of about 73 million euro, before interest.
This decision represents an important step in the process of resolving this dispute. The next step consists of making sure that the ICSID arbitration tribunal’s decision is implemented. The Hungarian state has up to 120 days to appeal.
Founded in Marseille in 1966 by Pierre Bellon, Sodexo is the global leader in services that improve Quality of Life, an essential factor in individual and organizational performance. Operating in 72 countries, Sodexo serves 100 million consumers each day through its unique combination of On-site Services, Benefits and Rewards Services and Personal and Home Services. Sodexo provides clients an integrated offering developed over more than 50 years of experience: from foodservices, reception, maintenance and cleaning, to facilities and equipment management; from services and programs fostering employees’ engagement to solutions that simplify and optimize their mobility and expenses management, to in-home assistance, child care centers and concierge services. Sodexo’s success and performance are founded on its independence, its sustainable business model and its ability to continuously develop and engage its 460,000 employees throughout the world.