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01/27/2011

News / UN reparations panel for invasion of Kuwait pays out $680 million

27 January 2011 – The United Nations commission that settles damage claims in connection to Iraq's 1990 invasion of Kuwait today made $680 million available to nine successful claimants.

This latest round of payments brings the total amount of compensation disbursed by the Geneva-based UN Compensation Commission (UNCC) to individuals, corporations, governments and international organizations to nearly $31.4 billion, leaving an outstanding balance of some $21 billion that remains owing to Kuwait, according to a press release.

The vast majority of funds for compensation payments have come from the sale of Iraqi petroleum under the so-called Oil-for-Food programme, which came to an end in 2003, and later within the scope of arrangements made under Security Council resolutions.

Established in 1991 as a subsidiary organ of the Security Council, UNCC has received nearly three million claims in six different categories: four categories are for individuals' claims, one for corporations and one for governments and international organizations, which also includes claims for environmental damage.

http://www.un.org/apps/news/story.asp?NewsID=37396&Cr=Iraq&Cr1=

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