Iraq: UN panel approves $315 million more in compensation for Kuwait invasion

The United Nations panel set up to process claims and pay compensation for losses and damage suffered as a result of Iraq's invasion and occupation of Kuwait in 1990-1991 today approved awards of more than $315 million, bringing the total awarded so far to $46.6 billion.

Of this total some $17.8 billion has been made available to governments and international organizations for distribution to successful claimants of all categories.

More than 2.6 millions claims with a total asserted value of $350 billion have been filed with the panel, the UN Compensation Commission (UNCC). Ninety-six governments have filed claims on behalf of their nationals, corporations and themselves as well as 13 offices of three international organizations.

The UNCC Governing Council, which met under the presidency of Ambassador Michael Steiner of Germany, decided to hold its next session from 16 to18 December.

Money for the awards comes from the UN Compensation Fund, which received up to 30 per cent of the revenue generated by Iraqi oil exports under the UN's Oil-for-Food programme, which allowed the former sanctions-bound regime to sell oil for humanitarian supplies. That programme will be phased out by 21 November.