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April 28, 11

NEWS / UN panel pays out $880 million in reparations for Iraqs invasion of Kuwait


28 April 2011 – 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 $880 million available to nine successful claimants.

The latest round of payments brings the total amount of compensation disbursed by the Commission to $32.2 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 3 million claims, including from close to 100 governments for themselves, their nationals or their corporations.

http://www.un.org/apps/news/story.asp?NewsID=38214&Cr=Iraq&Cr1=Kuwait

Tags: corporation,
 




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