Over $1 billion was disbursed today to eight successful claimants by the United Nations Compensation Commission (UNCC
), which settles the damage claims of those who suffered losses because of Iraq`s 1990 invasion of Kuwait.
This latest round of payments " a total of $1,038,375,281 " brings the overall amount of compensation made available to date by the Commission to nearly $34.3 billion for over 100 governments and international organizations for distribution to 1.5 million successful claimants.
Successful claims are paid with funds drawn from the UN Compensation Fund, which is funded by a percentage of the proceeds " set at 5 per cent " generated by the export sales of Iraqi petroleum and petroleum products, according to a news release from 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.
Established in 1991 as a subsidiary organ of the Security Council, the Commission has received nearly 3 million claims, including from close to 100 governments for themselves, their nationals or their corporations.