UN panel pays out over $700 million for losses from Iraqi invasion of Kuwait

A Geneva-based United Nations panel today paid out over $700 million in damages arising from Iraq's 1990 invasion and subsequent occupation of Kuwait.

The UN Compensation Commission, which draws its funds from a portion of Iraqi oil revenue, disbursed a total of $708,074,583 for 961 successful claimants.

The money was granted to 33 countries and two international organizations - the UN Development Programme (UNDP) and the UN Relief and Works Agency for Palestine Refugees in the Near East (UNRWA). Collectively, they are responsible for distributing payments to the successful claimants within one year, or the money must be returned to the Commission.

If a government or international organization fails to report back to the Commission or fails to return undistributed funds, further payments to that entity are suspended.