State wins multi-million-dollar dispute in Washington – Arbitration rejects Swiss claim of EUR 175 million in “war over Belgrade billboards”

The International Centre for Settlement of Investment Disputes (ICSID) in Washington has issued a final arbitration decision in favor of the Republic of Serbia, dismissing in full the claim of the Swiss company APG|SGA SA and its Belgrade subsidiary Alma Quattro. This decision puts an end to a five-year dispute in which the investor claimed as much as EUR 175 million in damages for alleged infringement of rights in the outdoor advertising market in the Serbian capital.

An official statement from APG|SGA confirmed that on April 13, 2026, the ICSID tribunal issued a final ruling rejecting their claim. In addition to losing the dispute, the Swiss company is obligated to pay the Republic of Serbia legal representation costs in the amount of USD 3,491,211.

Despite this outcome, the company notes that their basic contract for the lease of public spaces in Belgrade remains in force, and that Alma Quattro continues to operate in Serbia.

Let us remind that, in 2017, Alma Quattro, a long-time partner of the City of Belgrade (since 1994), extended the contract for the exclusive use of public spaces for advertising for an additional 25 years. However, the problem arose only two years later, when the city authorities announced a new concession for the modernization of infrastructure.

Speculation and investor dissatisfaction culminated in 2020, when Belgrade, in cooperation with another partner, embarked on a project to install “smart” information boards at public transport stops and bike rental stations. Alma Quattro believed that these new digital LED screens directly infringed on their contracted exclusivity, while the state argued that these were new technology and services not covered by the old contracts.

In 2021, the Swiss initiated international arbitration, citing the Agreement on the Encouragement and Reciprocal Protection of Investments between the Swiss Confederation and the Republic of Serbia, claiming that their investment was threatened by the state’s actions.

This dispute has attracted public attention for years because Alma Quattro has held primacy in the most attractive locations in the city for decades - from public transport stops to large illuminated billboards.

The tribunal assessed that in this case there was no violation of the investment agreement, thus rejecting the claim for damages, and the decision of the court in Washington represents one of Serbia’s biggest financial victories before international tribunals.

B. P.

Grad Beograd

JKP GSP Beograd

Alma quattro doo Beograd

International Centre for Settlement of Investment Disputes in Washington

ICSID

APG SGA SA

Alma Quattro

City of Belgrade

GSP Beograd

lawsuit

billboards

advertising

court decision

smart info boards