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FINANCIAL NEWS
Two Kuwaiti claimants win USD1.3b compensations from UNCC
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.
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