UN pays out $1.3bn for Kuwait war damages

  • Share via facebook
  • Tweet this
  • Bookmark and Share

The United Nations Compensation Commission (UNCC), which settles the damage claims of those who suffered losses due to Iraq’s 1990 invasion of Kuwait, has made $1.3bn available to two successful claimants.

The latest round of payments brings the total amount of compensation disbursed by the Commission to $40.1bn for more than 1.5 million successful claims of individuals, corporations, governments and international organisations, leaving some $12.3bn 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.

The UNCC said in a statement that 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 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.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Stung by FIFA furore, Qatar's soft power at risk

Stung by FIFA furore, Qatar's soft power at risk

At stake is influence, including its use of sport as a platform...

Saudi Arabia rewrites its oil game with refining might

Saudi Arabia rewrites its oil game with refining might

Gulf kingdom now has stakes in more than 5 million barrels per...

How to get the most out of social media, by Obama's 2008 campaign manager

How to get the most out of social media, by Obama's 2008 campaign manager

David Plouffe is credited with Barack Obama’s unlikely 2008 victory...

Most Discussed