UN panel pays out $1.3 billion in reparations for Iraq’s invasion of Kuwait
The latest round of payments brings the total amount of compensation disbursed by the Commission to $37.7 billion for more than 1.5 million successful claims of individuals, corporations, Governments and international organizations, states a news release.
Successful claims are paid with funds drawn from the UN Compensation Fund, which is funded by a percentage of the proceeds generated by the export sales of Iraqi petroleum and petroleum products.
The Geneva-based UNCC’s Governing Council has identified six categories of claims: four are for individuals’ claims, one for corporations and one for governments and international organizations, which also includes claims for environmental damage.
The Commission was established in 1991 as a subsidiary organ of the UN Security Council. It has received nearly three million claims, including from nearly 100 governments for themselves, their nationals or their corporations.