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Award of the Tribunal

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Award of the Tribunal Date of dispatch to the parties: October 2, 2006 INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES ICSID Case No. ARB/03/16 ADC Affiliate Limited - and - ADC & ADMC Management Limited Claimants - v. - The Republic of Hungary Respondent Award of the Tribunal TRIBUNAL The Hon. Charles Brower Professor Albert Jan van den Berg Neil Kaplan CBE QC (President) Secretary of the Tribunal Ucheora Onwuamaegbu Table of Content I. THE PARTIES.................................................................................................3 A. The Claimants ....................................................................................................................3 B. The Respondent..................................................................................................................3 II. PROCEDURAL HISTORY............................................................................4 A. Arbitration Agreement and Constitution of Arbitration Tribunal...............................4 B. Proceedings.........................................................................................................................5 C. The Hearing......................................................................................................................10 III. FACTS.............................................................................................................14 A. THE PARTIES.................................................................................................................14 B. THE AIRPORT................................................................................................................15 C. THE TENDER PROCESS..............................................................................................16 1. First Phase ..................................................................................................................16 2. Second Phase ..............................................................................................................16 3. Third Phase.................................................................................................................17 D. NEGOTIATION OF THE AGREEMENTS.................................................................17 2. The Project Agreements............................................................................................19 3. Credit Agreement.......................................................................................................21 E. THE CLAIMANTS’ INVESTMENTS ..........................................................................22 1. ADC Affiliate’s Investment.......................................................................................22 2. ADC & ADMC Management’s Investment............................................................26 F. Construction of Terminal 2/B.........................................................................................27 G. Business Planning Process for the Project Company ...................................................27 H. Project Company’s Financial Results ............................................................................29 I. Project Company’s Operations from 1999 through 2001 ............................................30 J. Transformation of the ATAA, Legislative Amendments and the Decree...................31 K. Developments after the Decree .......................................................................................35 1. Separation of the Functions of the ATAA ...............................................................35 2. Passenger Traffic .......................................................................................................36 3. Parking Facility..........................................................................................................36 4. Terminal Expansion and Reconstruction ................................................................36 L. The Privatization of Budapest Airport ..........................................................................36 M. Arbitration Proceedings Brought by the Project Company ........................................38 IV. CONTENTIONS OF THE PARTIES..........................................................38 A. Contentions of the Claimants...........................................................................................38 B. Contentions of the Respondent.......................................................................................40 V. RELIEF SOUGHT BY THE PARTIES ......................................................41 A. Relief Sought by the Claimants ......................................................................................41 B. Relief Sought by the Respondent....................................................................................42 VI. FINDINGS OF FACT....................................................................................43 A. Credibility of Witnesses...................................................................................................43 B. The Nature of the Claimants’ Investment .....................................................................44 C. Complaints about the construction of the Terminal.....................................................44 D. Attempted Reasons for and Justification of the Decree ...............................................45 1 VII. ISSUES TO BE CONSIDERED IN THIS ARBITRATION .....................48 A. Applicable Law.................................................................................................................49 B. Jurisdiction .......................................................................................................................51 1. Is the Nature of the Dispute Governed by the BIT or Contractual in Nature?........................................................................................................................55 2. Did the Claimants Make Any Investment in Hungary within the Definition of the BIT and the ICSID Convention? .................................................58 3. Does the Dispute Arise “Directly” out of An Investment as Required by the ICSID Convention? ........................................................................................61 4. Does the dispute involve “investors” under the BIT who are nationals of a Contracting State to the ICSID Convention?..................................63 5. Does the dispute fall within the scope of Art. 7 of the BIT?...................................69 6. Conclusion on Jurisdiction........................................................................................69 C. Expropriation ...................................................................................................................69 D. Miscellaneous Points Raised by the Respondent...........................................................81 1. Is the Operating Period Lease Invalid “Due to the Inappropriate Legal Form of the Project Company”?......................................................................81 2. Are the Project Agreements Invalid “Due to the Missing Approval” of a Quotaholders’ Meeting of the Project Company?...........................................84 3. Is There “a Grossly Unfair Difference in Value” Regarding the Service Rendered and Consideration for That Service?........................................85 4. Did the Conclusion of the Terminal Management Agreement Violate the Public Procurement Act and Therefore Became “Unlawful”? .......................87 E. Conclusion on Matters Other Than Quantum..............................................................88 F. Quantum ...........................................................................................................................88 1. The Applicable Standard for Damages Assessment ...............................................89 2. Discounted Cash Flow (DCF) Method v. Balancing Payment Method ........................................................................................................................95 3. The Respondent’s Other Attacks on the LECG Reports.......................................96 4. Conclusion on Quantification ...................................................................................97 5. The Amount of Compensation Payable to the Claimants ......................................98 G. Return of the Shares and Promissory Notes..................................................................99 H. Costs ..................................................................................................................................99 1. Principle....................................................................................................................100 2. Quantum ...................................................................................................................101 THE AWARD.......................................................................................................103 2 Award of the Tribunal I. THE PARTIES A. The Claimants 1. The Claimants (“Claimants”) are ADC Affiliate Ltd. (“ADC Affiliate”) and ADC & ADMC Management Ltd. (“ADC & ADMC Management”). Both are companies incorporated under the laws of the Republic of Cyprus. 2. In this arbitration, the Claimants are represented by: Mr. Pierre Bienvenu Mr. Martin Valasek Mr. Jacques Demers Ogilvy Renault SENC in Montréal; Mr. René Cadieux Mr. Daniel Picotte Fasken Martineau DuMoulin LLP in Montréal; Prof. Dr. Iván Szász Squire Sanders &
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