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Published:October 27th, 2011 11:45 EST
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UN Panel Approves Over $1 Billion for Victims of Iraq`s Invasion of Kuwait

By SOP newswire3

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.

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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.

http://www.un.org/apps/news/story.asp?NewsID=40215&Cr=Iraq&Cr1=