UN panel awards $223 million in damages for Iraq's 1990 invasion of Kuwait
At its 47th session in Geneva, the UN Compensation Commission (UNCC) awarded $192 million of today's amount to Kuwait for individual business losses and losses of private sector corporations and entities.
The UNCC has already resolved over 99 per cent of the 2.6 million claims before it, amounting to approximately $350 billion. The resolved claims now total just over $44 billion in compensation out of more than $150 billion in claims. Money for the awards come from the UN Compensation Fund, which receives up to 30 per cent of the revenue generated by Iraqi petroleum exports under the UN's oil-for-food programme.
The Governing Council is the policy-making organ of the UNCC, a subsidiary organ of the UN Security Council, and its composition is the same as that of the 15-member body at any given time. The UNCC today elected Germany to a two-year term as its president, replacing Norway.