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Hungary loses suit against former airport operator

City

Hungary has lost a long-running court battle against Airport Development Corp. (ADC), the Canadian company that built and had a 12-year operating concession for Ferihegy Airport's terminal 2B until the end of 2001, daily Népszabadság reported, citing a London court decision. ADC, which held a 34% stake in Ferihegyi Utasterminál Fejlesztő Kft (FUF), the company set up in the mid-90's to run the terminal, filed a suit against Hungary in 2003, over "expropriation without compensation" after Hungary's Fidesz-led government unilaterally canceled FUF's operation in Dec 2001 and handed over the terminal's management to Budapest Airport Zrt. In the ruling handed down this Tuesday, Hungary was ordered to pay ADC Ft 17 billion-18 billion in damages within 30 days. The Hungarian government in July set aside a total Ft 70 billion for potential compensation in the lawsuit brought by the Canadian airport operator. (Népszabadság)

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