I. INTRODUCTION AND PARTIES 

1. This case concerns a dispute submitted to the International Centre for Settlement of Investment Disputes (“ICSID” or the “Centre”) on the basis of the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Hungarian People’s Republic for the Promotion and Reciprocal Protection of Investments dated 9 March 1987, which entered into force on 28 August 1987 (the “BIT” or “Treaty”), and the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, which entered into force on October 14, 1966 (the “ICSID Convention”). 

2. The dispute relates to the allegedly unlawful expropriation or nationalization without compensation and without complying with other requirements imposed by the BIT and applicable law, of Claimants’ investments in and related to Danubius Rádió Műsorzolgáltató Zrt (“Danubius Radio” or “Danubius”), a Hungarian company, and a former licensee of one of the two nationwide FM radio-broadcasting frequencies in Hungary. 

3. The claimants are Accession Mezzanine Capital L.P., hereinafter referred to as “Mezannine” and Danubius Kereskedőház Vagyonkezelő Zrt., hereinafter referred to as “DHSV.” 

4. Mezzanine is a partnership organized under the laws of Bermuda with its principal place of business in Hamilton, Bermuda. DSHV is a company organized and existing under the laws of Hungary, allegedly controlled by Mezzanine, a national of the United Kingdom. Both companies will be jointly referred to as “Claimants.” 

5. The Respondent is Hungary and is hereinafter referred to as “Hungary” or “Respondent.” 

6. The Claimants and Respondent are hereinafter collectively referred to as the “Parties.” The Parties’ respective representatives and their addresses are listed above on page (i).