I. INTRODUCTION 

1. The present dispute is submitted to the International Centre for Settlement of Investment Disputes (ICSID or the Centre) on the basis of the Agreement between the Kingdom of the Netherlands and the Hungarian People’s Republic for the Encouragement and Reciprocal Protection of Investments dated 2 September 1987, which entered into force on 1 June 1988 (the Netherlands BIT), the Agreement Between the Swiss Confederation and the Hungarian People’s Republic on the Reciprocal Promotion and Protection of Investments dated 5 October 1988, which entered into force on 16 May 1989 (the Switzerland BIT and jointly with the Netherlands BIT, the Treaties), and the Convention on the Settlement of Investment Disputes between States and Nationals of Other States dated 18 March 1965, which entered into force on 14 October 1966 (the ICSID Convention). 

2. The Claimants are Emmis International Holding, B.V. (Emmis International), Emmis Radio Operating, B.V. (Emmis Radio), and MEM Magyar Electronic Media Kereskedelmi és Szolgáltató Kft. (MEM). Emmis International and Emmis Radio are both corporations organised and existing under the laws of the Netherlands. MEM is a company organised and existing under the laws of Hungary, controlled by Mr Jürg Marquard, a Swiss national. These parties will be collectively referred to hereinafter as Claimants. 

3. The Respondent is Hungary and is referred to hereinafter as Hungary or Respondent. 

4. The Claimants and the Respondent will be hereinafter collectively referred to as the Parties. 

5. The dispute relates to the alleged unlawful expropriation by Respondent of Claimants’ investments in a national FM-radio frequency broadcasting licencee, Sláger Rádió Műsorszolgáltató Zrt. (Sláger or Sláger Rádió). 

6. After careful consideration of the Parties’ written submissions and oral presentations, this Award rules on Respondent’s objections to jurisdiction and request for dismissal of Claimants’ claims pursuant to ICSID Convention Articles 25 and 41, and Rule 41 of the ICSID Rules of Procedure for Arbitration Proceedings (Arbitration Rules), on the grounds that the Tribunal lacks jurisdiction ratione materiae and ratione voluntatis to adjudicate the case.