UN REPARATIONS PANEL PAYS OUT ANOTHER $1 BILLION FOR IRAQ’S INVASION OF KUWAIT

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From: UNNews <UNNews@un.org>
Date: 23 Jan 2014 13:00:01 -0500
Subject: UN REPARATIONS PANEL PAYS OUT ANOTHER $1 BILLION FOR IRAQ'S
INVASION OF KUWAIT
To: news11@ny-mail-p-lb-028.ptc.un.org

UN REPARATIONS PANEL PAYS OUT ANOTHER $1 BILLION FOR IRAQ'S INVASION
OF KUWAITNew York, Jan 23 2014 1:00PMThe 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
$1.03 billion available to the Government of Kuwait.

The latest round of payments brings the total amount of compensation
disbursed by the Commission to $44.5 billion for more than 1.5 million
successful claims of individuals, corporations, Governments and
international organizations, leaving some $7.8 billion remaining to be
paid to the only outstanding claim.

The claim by the Kuwaiti Government was submitted 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.

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.

Successful claims are paid monies drawn from the UN Compensation Fund,
which is financed by a percentage of the proceeds generated by the
export sales of Iraqi petroleum and related 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. Jan 23 2014 1:00PM
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