Friday, January 28, 2011

Kuwait: UN reparations panel for invasion of Kuwait pays out $680 million

A destroyed Iraqi battle tank amidst other vehicles on the highway between Kuwait City and Basra, Iraq in April 1991

UN - The United Nations commission that settles damage claims in connection to Iraq's 1990 invasion of Kuwait today made $680 million available to nine successful claimants.

This latest round of payments brings the total amount of compensation disbursed by the Geneva-based UN Compensation Commission (UNCC) to individuals, corporations, governments and international organizations to nearly $31.4 billion, leaving an outstanding balance of some $21 billion that remains owing to Kuwait, according to a press release.

The vast majority of funds for compensation payments have come from the sale of Iraqi petroleum under the so-called Oil-for-Food programme, which came to an end in 2003, and later within the scope of arrangements made under Security Council resolutions.

Established in 1991 as a subsidiary organ of the Security Council, UNCC has received nearly three million claims in six different categories: four categories are for individuals' claims, one for corporations and one for governments and international organizations, which also includes claims for environmental damage.