Expropriation — Compensation — For lawful nationalization — Property of nationals of expropriating State — Payment of just and adequate compensation — Valuation of expropriated property — Assets of companies — Valuation based on average price of shares during reference period — Discrimination — Measures directed against particular companies — Requirement of equality of treatment — Public interest — Requirement that taking of property be necessary in the public interest

Expropriation — Extraterritorial effect — Nationalization of companies with their seat within the territory of nationalizing State — Effect on assets situated abroad — Indirect nationalization of foreign subsidiary — Separation of rights of shareholders from assets of company

Jurisdiction — Extraterritorial — Expropriatory legislation — Expropriation of shares in company — Effect on subsidiary owned by company in another State

Relationship of international law and municipal law — Recognition and effect of foreign laws — Public laws — Legislation providing for expropriation of shares in company — Circumstances in which legislation would be recognized by courts of another State — The law of Belgium