UN panel pays out over $1 billion in reparations for Iraq's invasion of Kuwait

[k98nights]

UN panel pays out over $1 billion in reparations for Iraq's invasion of Kuwait

A pile of wreckage left behind in downtown Kuwait after looting and destruction by Iraqi occupation forces in 1991. UN Photo/John Isaac

23 October 2014 – The United Nations Compensation Commission (UNCC), which settles the damage claims of those who suffered losses in the 1990 Iraqi invasion of Kuwait, today made $1.06 billion available to the Government of Kuwait.

With today's payment, the total amount in compensation received by the Government of Kuwait now amounts to $47.8 billion, leaving approximately $4.6 billion remaining to be paid.

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 environmental damage.

This category E claim was submitted by the Government of Kuwait on behalf of the Kuwait Petroleum Corporation and awarded $14.7 billion in 2000 for oil production and sales losses as a result of damages to Kuwait's oil field assets.

Successful claims are paid monies drawn from the UN Compensation Fund, which is financed by a percentage of the proceeds generated by the export sales of Iraqi petroleum and related products.

The Commission 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 for losses and damages incurred as a direct result of Iraq's invasion and occupation of Kuwait from 2 August 1990 to 2 March 1991.

The Government of Kuwait's claim represents the largest award by the Commission.

http://www.un.org/apps/news/story.asp?NewsID=49150#.VEkNvjJ0w1U

[birelkart]

It's good to see that this chapter is closer to being closed.

[SnowGlobe7]

So Iraq is paying the UN in dollars and then the UN is paying Kuwait in Dollars....how many dollars is that for each Kuwait citizen? Will they spend the dollar or convert it to Kuwait Dinar?

 

 

3.369 million Kuwait population in 2013....interesting..that is a nice payout if it ever reaches the people

[skeetdog]

Thanks k98....Kuwait didn't think so highly of anything except...''How fast can my coward a$$ run''...When Saddam was uncontested in taking their country. Did this article mention how much they compensated the US Troops that ran the same Iraqi's Arm out of their country that one mouth earlier had shown them to be the cowards their know to be today....OH, my bad they could have because the offer was never entertained....

[gymrat76541]

Kuwait should have paid the expenses for liberating their country!

 

Kuwait should help fund, or at least choice a side in the fight, against ISIS!

 

I see why Saddam invaded their sorry country!

[k98nights]

Kuwait should have paid the expenses for liberating their country!

 

Kuwait should help fund, or at least choice a side in the fight, against ISIS!

 

I see why Saddam invaded their sorry country!

Agreed!!! Every single penny of reparations should go right to the USA for liberating their asses. That or free gasoline to America for the next 100 years!

[gymrat76541]

I bet money that Kuwait is funding ISIS! That's why ISIS is not invading them! They have no military so they would be easy to invade!

[TBomb]

even if our govt received 'free gas' they'd charge us for it.