UN panel pays out over $1 billion in reparations for Iraq's invasion of Kuwait
The remaining category E claim was submitted by the Government of Kuwait on behalf of the Kuwait Petroleum Corporation, stated a news release issued by the Geneva-based Commission.
In 2000, the claim was awarded $14.7 billion for oil production and sales losses as a result of damages to Kuwait's oil field assets and represents the largest award by the UNCC's Governing Council.
With this payment, the Commission has paid out $42.3 billion of its total awarded amount of $52.4 billion to over 100 governments and international organizations for distribution to 1.5 million successful claimants in all claim categories, leaving approximately $10.1 billion remaining to be paid.
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 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.