UNITED NATIONS COMPENSATION COMMISSION PAYS OUT US$1,059,048,547
28 July 2011
The United Nations Compensation Commission today made available a total of $1,059,048,547 to the Government of the State of Kuwait for distribution to nine successful claimants. Payment is being made in respect of 5 claims in category E (claims of corporations and public sector enterprises) and 4 claims in category F (claims of Governments and international organizations, including environmental claims).
Pursuant to UNCC Governing Council decision 267 (S/AC.26/Dec.267 (2009)), the remaining category E and F claims, all awarded to Kuwait, are paid on a quarterly basis in rounds of $10 million, in the order in which they have been approved. To date, $33.3 billion has been made available by the United Nations Compensation Commission for more than 1.5 million successful claims of individuals, corporations, Governments and international organizations. With this payment, the outstanding balance in respect of one award was paid in full and $19 billion remains outstanding to the unpaid eight compensation awards.
Successful claims are paid with funds drawn from the United Nations Compensation Fund, which is funded by a percentage of the proceeds generated by the export sales of Iraqi petroleum and petroleum products. This percentage was set at 5 per cent under Security Council resolution 1483 (2003), and reaffirmed in a number of subsequent resolutions, most recently under Security Council resolution 1956 (2010).
Further information about the Commission, including the text of Governing Council decisions, can be found on the United Nations Compensation Commission website located at www.uncc.ch.
For use of information media; not an official record