Hungary and its lawyers at White & Case prevailed last week in a €300 million investor-state arbitration over a cancelled mega-casino backed by U.S. billionaire Ronald Lauder.
A panel of arbitrators affiliated with the International Centre for the Settlement of Investment Disputes ruled on October 1 that Hungary didn’t breach obligations to Vigotop Ltd, a Cyprus-based investment firm controlled by Lauder and other investors, by backing out of plans to let them build a €1 billion casino in the country. The 177-page ruling isn’t public, but White & Case said in a press release that the arbitrators concluded that Hungary pulled the plug on the casino “based on public policy reasons (environmental and tourism policies) and valid contractual grounds.”
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