27 Jan 2013
(MENAFN) The United Nations Compensation Commission (UNCC) is set to pay USD1.3 billion to two successful claimants in Kuwait, Arabian Business reported.
The two claims involve damages to Kuwait’s oil field assets including wells, pipelines and related equipment, and associated production and sales losses, the UNCC said in a statement.
This brings the total amount of compensation disbursed by the Commission to USD40.1 billion for more than 1.5 million successful claims of individuals, corporations, governments and international organizations, leaving some USD12.3 billion remaining to be paid.
Successful claims are paid funds drawn from the UN Compensation Fund, which is financed by a percentage of the proceeds generated by the export sales of Iraqi petroleum and petroleum products.
The Commission, which settles the damage claims of those who suffered losses due to Iraq’s 1990 invasion of Kuwait, 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.
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
16 Jun 2025
BBK and CrediMax Offer Exclusive 20% Discount on Turkish Airlines Flights for Cardholders
25 May 2025
BBK strengthens commitment to sports development through strategic partnership with Bahrain Basketball Association
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more