Court of arbitration dismisses claim for damages by APG|SGA and its Serbian subsidiary Alma Quattro against Serbia

[Ad hoc announcement pursuant to Art. 53 LR] APG: SGA announces an arbitration award under the rules of the International Centre for Settlement of Investment Disputes (ICSID). The award relates to a 25-year contract concluded with the Serbian capital Belgrade in 2017 and is based on the agreement between the Swiss Confederation and the Republic of Serbia on the promotion and mutual protection of investments.

APG: SGA subsidiary Alma Quattro has been in partnership with the city of Belgrade since 1995. In 2017, this contract was extended by another 25 years and Alma Quattro was granted the exclusive use of all public outdoor advertising spaces in the city. However, just two years later, the city awarded a similar concession for digital outdoor advertising space to a competitor in Serbia. All local legal measures were unsuccessful.

To safeguard their claims, APG: SGA and Alma Quattro initiated ICSID arbitration proceedings under the aforementioned investment protection agreement in 2021, which has now been concluded with a decision by the court of arbitration from 13 april 2026. In its final award, the court of arbitration dismissed the claim by APG: SGA and Alma Quattro and ordered them to pay Serbia legal costs of USD 3491211.87 (approx. CHF 2.724 million).

Meanwhile, the 2017 contract remains in force and Alma Quattro continues its successful operation in Serbia.