Hungary Must Pay €7M To British Agricultural Co.

Law360 (November 14, 2019, 6:01 PM EST) -- Hungary was ordered Wednesday to pay €7.15 million ($7.9 million) to a British agricultural company that claimed its leasing rights to state-owned farmland had been expropriated, after an international tribunal rejected arguments that the claim was barred under European Union law.

Magyar Farming Co. Ltd. and its Hungarian subsidiaries, Kintyre Kft and Inicia Zrt, had argued in the arbitration that they had been wrongly evicted from 760 hectares — about 1,878 acres — of state-owned land located in Hungary’s northwestern region of Ikrény that they had leased from the government.

The International Centre for Settlement of Investment Disputes tribunal issued the...

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