Kuwait gets $650 mln in Iraqi reparation: UN

[k98nights]

GENEVA (AFP) – The United Nations released 650 million dollars in Iraqi compensation to Kuwait on Thursday, the latest payment of a war reparation scheme that began in 1994.

The payment brings the total sum of compensation paid to Kuwait to 30.15 billion dollars. A further 22.3 billion dollars is due to Kuwait.

Most of the latest round went to state and private companies, governments and international organisation, the UN Compensation Commission said in a statement.

Following the 1991 invasion of Kuwait by Saddam Hussein's regime, Iraq is required to put five percent of its oil and gas revenues into the UN reparations fund.

As it has struggled with insecurity and a raft of economic problems since 2003, Iraq has been appealing for its payments to be reduced.

In May, Iraqi Oil Minister Hussein al-Shahristani renewed the call for Kuwait to "forget the past," saying his country could not sustain the obligation.

http://news.yahoo.com/s/afp/20100729/wl_mideast_afp/uniraqwarkuwaitcompensation

[Adam Montana]

Personally, I love this!

The more Iraq is able to pay Kuwait Pre-RV, the more control they have over their own assets. This is a GREAT thing for us investors!

[Doc31]

Thanks for the post

[kingfish]

Thanks for the post.

[jimbarnhardt]

I am very encouraged by this. Still cautiously optimistic, still hoping sooner than later!! Go RV!!

[TR8Man]

Very interesting.

Thanks for this information