UNCC Approves $4.74Bn In Compensation Claims Against Iraq

VOL. XLV

No 27

8-July-2002

IRAQ

UNCC Approves $4.74Bn In Compensation Claims Against Iraq

The United Nations Compensation Commission (UNCC) has approved pay-outs for claims for damages resulting from Iraq’s invasion of Kuwait in 1990 for a further $4.74bn, mostly for Kuwaiti companies, ministries and individuals. The announcement follows the 44th session of the Governing Council of the UNCC on 18-20 June, and brings total payouts approved by the commission to $42.6bn. The commission also released $995mn to claimants, bringing total funds released to $14.8bn. At the previous session of the UNCC, last March (MEES, 25 March), awards of $1.77bn were approved. Awards are funded through the UN oil-for-food program, with the compensation fund currently receiving 25% of Iraqi oil revenues.