Iraqi Dinar Discussion Board

[Marcelno]

UNCC pays Kuwait $610 mln in compensation for Iraqi invasion
2009-10-30 00:32:05

GENEVA, Oct. 29 (Xinhua) -- The United Nations Compensation Commission (UNCC) paid Kuwait 610 million U.S. dollars on Thursday in compensation for losses and damages resulting from Iraq's 1990-1991 invasion and occupation of the country.

The money will be distributed to 10 successful claimants, five from corporations and the public sector, and five from governments and international agencies.

Thursday's round of payments is in accordance with the second phase of UNCC Governing Council decision 256, which gives priority in payment to claims with outstanding amounts less than 500 million dollars as well as environmental remediation claims.

Nine of the claimants will be paid 2 million dollars each, while one claimant will receive 592 million dollars. The money is generated from Iraq's exportation of oil.

Thursday's payment brings the total of paid claims to more than 28 billion dollars, just over half of the 52 billion dollars awarded. Ten successful claimants remain.

The Geneva-based UNCC was created in 1991 as a subsidiary to the UN Security Council. Its sole purpose is to process and pay claims resulting from Iraq's invasion and occupation of Kuwait.

http://news.xinhuanet.com/english/2009-10/30/content_12357583.htm