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UN panel pays out $ 513 mln in damages arising from Iraqi invasion of Kuwait
Iraq-Kuwait, Politics, 7/20/2001
A United Nations panel which disburses damage awards arising from Iraq's 1990 invasion and subsequent occupation of Kuwait on Thursday granted over $513 million in payments to successful claimants.
The Geneva-based UN Compensation Commission awarded a total of $513,483,088.40 to 22 governments and two international organizations for distribution to 484 successful claimants.
The sum brings to over $12 billion the overall amount of compensation awarded by the Commission.
Money to pay the awards is drawn from the UN Compensation Fund, which presently receives 25 per cent of the proceeds under the "oil-for-food" mechanism, that allows Baghdad to sell its petroleum and use a portion of its revenues to purchase humanitarian relief.
According to the Commission, governments and international organizations are obligated to distribute funds to successful claimants expeditiously. Any funds that have not been distributed within 12 months must be returned.
Previous Stories:
Iraqi papers and Saudi Arabia, Kuwait
(6/6/2001)
Kuwait denies Arab initiatives to normalize relations with Iraq
(5/17/2001)
Kuwaiti denies mediation to reconcile with Iraq
(5/1/2001)
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