Over $1 billion was disbursed today to eight successful claimants by the United
Nations Compensation Commission (UNCC), which settles the damage claims of those
who suffered losses because of Iraq’s 1990 invasion of Kuwait.
This latest round of payments – a total of $1,038,375,281 – brings the overall
amount of compensation made available to date by the Commission to nearly $34.3
billion for over 100 governments and international organizations for
distribution to 1.5 million successful claimants.
Successful claims are paid with funds drawn from the UN Compensation Fund, which
is funded by a percentage of the proceeds – set at 5 per cent – generated by the
export sales of Iraqi petroleum and petroleum products, according to a news
release from the Commission.
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
Established in 1991 as a subsidiary organ of the Security Council, the
Commission has received nearly 3 million claims, including from close to 100
governments for themselves, their nationals or their corporations.