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UNCC pays out USD 1.3 bn for Iraq's invasion of Kuwait

Posted on Jan 25, 11:28PM | IBNS

The United Nations Compensation Commission (UNCC), which settles the damage claims of those who suffered losses due to Iraq's 1990 invasion of Kuwait, on Thursday made USD 1.3 billion available to two successful claimants.

The latest round of payments brings the total amount of compensation disbursed by the Commission to USD 40.1 billion for more than 1.5 million successful claims of individuals, corporations, governments and international organizations, leaving some USD 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.