UN panel pays out 1.3 bln USD in reparations for Iraq's invasion of Kuwait

UN panel pays out 1.3 bln USD in reparations for Iraq
# 24 January 2013 21:50 (UTC +04:00)

Baku-APA. 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 1.3 billion U.S. dollars available to two successful claimants, APA reports quoting Xinhua.

The latest round of payments brings the total amount of compensation disbursed by the Commission to 40.1 billion U.S. dollars for more than 1.5 million successful claims of individuals, corporations, governments and international organizations, leaving some 12.3 billion dollars remaining to be paid, a UNCC press release said.

The UNCC was created in 1991 as a subsidiary organ of the UN Security Council. Its mandate is to process claims and pay compensation for losses and damage suffered as a direct result of Iraq's 1990-1991 invasion and occupation of Kuwait. These losses included claims for loss of property, deaths, loss of natural resources, damage to public health and environmental damage.

Up to date, the commission has received nearly three million claims, including from nearly 100 governments for themselves, their nationals or their corporations.

Successful claims are paid with funds 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.

The UNCC press release 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.

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THE OPERATION IS BEING PERFORMED