The United Nations Compensation Commission (<“http://www.uncc.ch/“>UNCC), which settles the damage claims of those who suffered losses due to Iraq’s 1990 invasion of Kuwait, today made $1.24 billion available to the Government of Kuwait.
With today’s payment, the Commission has disbursed $43.5 billion, leaving approximately $8.9 billion remaining to be directed to the only outstanding claim, stated a <“http://www.unog.ch/unog/website/news_media.nsf/(httpNewsByYear_en)/AACDE58294E89727C1257C0E00386FA2?OpenDocument“>news release issued by the Geneva based Commission.
This category E claim was submitted by the Government of Kuwait on behalf of the Kuwait Petroleum Corporation and awarded $14.7 billion in 2000 for oil production and sales losses as a result of damages to Kuwait’s oil field assets. It represents the largest award by the Commission.
Successful claims are paid with funds drawn from the UN Compensation Fund, which receives five per cent of the proceeds generated by the export sales of Iraqi petroleum and petroleum products.
The Commission was established in 1991 as a subsidiary organ of the UN Security Council. It has received nearly three million claims, including from nearly 100 governments for themselves, their nationals or their corporations.
- UN: Kuwait invasion fund pays out $1.24 billion (nzherald.co.nz)