UN approves $1 billion for victims of Iraqi invasion of Kuwait

UN approves $1 billion for victims of Iraqi invasion of Kuwait

2011-10-28 16:02:17 GMT+7 (ICT)

NEW YORK (BNO NEWS) -- The United Nations (UN) on Thursday announced that over $1 billion will be disbursed to eight successful claimants who suffered losses because of Iraq's invasion of Kuwait.

The Compensation Commission (UNCC) will disburse a total of $1,038,375,281 in the latest payment rounds, bringing the overall amount of compensation made available to date by the Commission to nearly $34.3 billion. The money was given to more than 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 percent – generated by the export sales of Iraqi petroleum and petroleum products, according to a news release from the Commission.

In 1991, UNCC was established as a subsidiary organ of the UN Security Council and has received nearly 3 million claims, including from close to 100 governments for themselves, their nationals or their corporations.

The Geneva-based UNCC's Governing Council has identified six categories of claims: four are for claims from individuals, one for corporations and one for governments and international organizations, which also includes claims for environmental damage.

In August 1990, Iraqi President Saddam Hussein ordered his forces to invade and occupy Kuwait. It resulted in the Gulf War during which U.S.-led forces successfully fought to remove Iraqi forces from Kuwait. It is estimated some 25,000 to 40,000 people were killed.

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