January 24th, 2013 11:08 EST
UN Panel Pays Out $1.3 billion in Reparations for Iraq`s Invasion of Kuwait
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 $1.3 billion available to two successful claimants.
The latest round of payments brings the total amount of compensation disbursed by the Commission to $40.1 billion for more than 1.5 million successful claims of individuals, corporations, governments and international organizations, leaving some $12.3 billion remaining to be paid.
Successful claims are paid funds 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 petroleum products.
In a news release, the UNCC said the two remaining claims were awarded compensation for damages to Kuwait`s oil field assets including wells, pipelines and related equipment, and associated production and sales losses.
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 three million claims, including from nearly 100 governments for themselves, their nationals or their corporations.
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