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 UN panel pays out $1.3 billion in reparations for Iraq’s invasion of Kuwait

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PostSubject: UN panel pays out $1.3 billion in reparations for Iraq’s invasion of Kuwait   Sun Jul 29, 2012 3:35 am

http://www.un.org/apps/news/story.asp?NewsID=42564&Cr=iraq&Cr1=kuwait

26 July 2012 –

The United Nations Compensation Commission (UNCC), which settles the damage claims of those who suffered losses due to Iraq’s 1990 invasion of Kuwait, today made $1.3 billion available to six successful claimants.

The latest round of payments brings the total amount of compensation disbursed by the Commission to $37.7 billion for more than 1.5 million successful claims of individuals, corporations, Governments and international organizations, states a news release.

Successful claims are paid with funds drawn from the UN Compensation Fund, which is funded by a percentage of the proceeds generated by the export sales of Iraqi petroleum and petroleum products.

The Geneva-based UNCC’s Governing Council has identified six categories of claims: four are for individuals’ claims, one for corporations and one for governments and international organizations, which also includes claims for environmental damage.

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.

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