EDENRED S.A. : ARBITRATION RULING FROM THE ICSID DELIVERED IN EDENRED'S FAVOR IN HUNGARY
16 Dicembre 2016 - 5:46PM
PRESS
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December 16, 2016 |
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ARBITRATION
RULING from the ICSID delivered in Edenred's favor in
Hungary
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On December 13,
2016, the International Center for Settlement of Investment
Disputes (ICSID) delivered its decision in Edenred's arbitration
claim against the Hungarian State in the Group's favor.
Due to a change in the regulatory
and tax framework in Hungary related to the issuance conditions of
Meal & Food Vouchers, in August 2013, Edenred filed a claim for
arbitration against the Hungarian State before the International
Center for Settlement of Investment Disputes (ICSID).
The decision delivered at the
outcome of the proceedings is favorable to Edenred, and the
Hungarian State is ordered to pay Edenred an award of approximately
€23 million[1], excluding
interest.
This decision represents an
important step in the process of solving this dispute. The next
step consists of making sure that the ICSID's decision is
implemented.
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Edenred, which invented the Ticket
Restaurant® meal voucher
and is the world leader in prepaid corporate services, designs and
manages solutions that improve the efficiency of organizations and
purchasing power to individuals.
By ensuring that allocated funds are used
specifically as intended, these solutions enable companies to more
effectively manage their:
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Employee benefits (Ticket
Restaurant®, Ticket
Alimentación, Ticket CESU, Childcare Vouchers, etc.)
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Expense management (Ticket Car,
Ticket Clean Way, Repom, etc.)
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Incentive and rewards programs (Ticket Compliments, Ticket Kadéos, etc.)
The Group also
supports public institutions in managing their social programs.
Listed on the Euronext Paris stock exchange,
Edenred operates in 42 countries, with 6,300 employees, 660,000
companies and public sector clients, 1.4 million affiliated
merchants and 41 million beneficiaries. In 2015, total issue volume
amounted to €18.3 billion.
Ticket
Restaurant® and all other
tradenames of Edenred products and services are registered
trademarks of Edenred SA.
Follow Edenred on
Twitter: www.twitter.com/Edenred
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CONTACTS
Media
Relations
Anne-Sophie Sibout
+33 (0)1 74 31 86 11
anne-sophie.sibout@edenred.com
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Investor and
Shareholder Relations
Louis Igonet
+33 (0)1 74 31 87 16
louis.igonet@edenred.com
Aurélie Bozza
+33 (0)1 74 31 84 16
aurelie.bozza@edenred.com
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[1] Amount
based on the HUF/EUR exchange rate of 312.392, for a total amount
of Ft7.3 billion.
CP_Décision CIRDI décembre
2016_DEF_VA
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: EDENRED S.A. via Globenewswire
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