UN panel pays out over $1 billion in reparations for Iraq's invasion of Kuwait
With on Thursday 's payment, the total amount in compensation received by the Government of Kuwait now amounts to $47.8 billion, leaving approximately $4.6 billion remaining to be paid.
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.
This category E claim was submitted by the Government of Kuwait on behalf of the Kuwait Petroleum Corporation and awarded $14.7 billion in 2000 for oil production and sales losses as a result of damages to Kuwait's oil field assets.
Successful claims are paid 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 related products.
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 for losses and damages incurred as a direct result of Iraq's invasion and occupation of Kuwait from 2 August 1990 to 2 March 1991.
The Government of Kuwait's claim represents the largest award by the Commission.
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