US $234 million for companies damaged because of the Gulf War
Iraq, Politics, 10/2/1999

The UN Gulf War compensation committee on Friday in Geneva announced its agreement to pay compensation estimated at US $234 million to Kuwaiti and foreign companies that were strongly damaged during the Gulf War in 1990 - 1991.

In a statement issued in Geneva on Friday the committee said that some US $190 million of the total amount of compensation will go to Kuwaiti companies, while the remainder of this money will be shared by construction and engineering companies in another 17 states, including Britain, China, India, Japan and the US.

An official at the committee indicated that these compensations might be paid next month as each company claiming its right to the compensations will be paid US $25,000 in the framework of the first payment, while a sum of US $75,000 will be paid in the framework of a second round of the payment.

The board of the compensation committee, which is composed of the UN Security Council's 15 member states and was established in 1991, approved the payment on Thursday according to an estimate prepared by a neutral legal committee following a three-day closed-door meeting.

The total sum paid by the compensation company for the same reason reached US $3.6 billion, and this compensation fund receives 30% of revenues from Iraqi oil and oil byproducts in the framework of the oil-for-food agreement signed with the UN to compensate those who incurred losses from the Iraqi invasion of Kuwait in 1991.

Previous Stories:
  UN Compensation Commission makes funds available   (9/24/1999)
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