The UN says it is paid off

[Aqua Dude]

27 October 2011 –

Over $1 billion was disbursed today to eight successful claimants by the United Nations Compensation Commission (UNCC), which settles the damage claims of those who suffered losses because of Iraq’s 1990 invasion of Kuwait.

This latest round of payments – a total of $1,038,375,281 – brings the overall amount of compensation made available to date by the Commission to nearly $34.3 billion for over 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 per cent – generated by the export sales of Iraqi petroleum and petroleum products, according to a news release from the Commission.

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.

Established in 1991 as a subsidiary organ of the Security Council, the Commission has received nearly 3 million claims, including from close to 100 governments for themselves, their nationals or their corporations.

http://www.un.org/apps/news/story.asp?NewsID=40215&Cr=Iraq&Cr1=

+1 if you like your CLAIMS WITH PROOF

[Atheist]

I think you are misinterpreting what they are saying. "Which settles" is telling you that the UNCC is the agency responsible for settling the damage claims.

Over $1 billion was disbursed today to eight successful claimants by the United Nations Compensation Commission (UNCC), which settles the damage claims of those who suffered losses because of Iraq’s 1990 invasion of Kuwait.

[IchDien]

Insurance claims paid off...so what.

[Aqua Dude]

I think you are misinterpreting what they are saying. "Which settles" is telling you that the UNCC is the agency responsible for settling the damage claims.

Over $1 billion was disbursed today to eight successful claimants by the United Nations Compensation Commission (UNCC), which settles the damage claims of those who suffered losses because of Iraq’s 1990 invasion of Kuwait.

hopefully not, you think its saying this payment is a part of a whole payment which settles damage claims??

[Atheist]

hopefully not, you think its saying this payment is a part of a whole payment which settles damage claims??

I think it is saying that the UNCC paid out 1 billion to claimants and it is saying the UNCC is the agency that is responsible for making those payments from the Iraq Fund. A few months ago I thought I had read they still owed 21 billion. Either way it is forward progress. Good find and thanks for posting.

[Aqua Dude]

good point of view....im keeping my fingers crossed and hoping that it is paid off entirely

[FrankenSLI]

So they settled with the 8 claimants, or all of them? They make it seem like all of them but like Athiest states last I heard they owed quite a bit more than 1 bil.

[Unitedrich]

I think it is saying that the UNCC paid out 1 billion to claimants and it is saying the UNCC is the agency that is responsible for making those payments from the Iraq Fund. A few months ago I thought I had read they still owed 21 billion. Either way it is forward progress. Good find and thanks for posting.

I believe you are correct. I seem to remember approximately 20 billion still being owed.

[DinarBot]

Insurance claims paid off...so what.

Very Important. Lets us know what's left. Being paid from reserves from which the new rate is to be established from. Excellent news.

[redsand]

Maybe it will be waived with a possible RV pending?

[Aqua Dude]

So they settled with the 8 claimants, or all of them? They make it seem like all of them but like Athiest states last I heard they owed quite a bit more than 1 bil.

well they already paid a total of $34 billion...of how much of that went to kuwait...im not sure

[zigmeister]

Over $1 billion was disbursed today to eight successful claimants by the United Nations Compensation Commission (UNCC), which settles the damage claims of those who suffered losses because of Iraq’s 1990 invasion of Kuwait.

Read more:

In my mind it says, Iraq has paid all of it's debt to Kuwait. They are done. Anyway that part of chapter 7, but things are flowing

together now folks. Chapter 7 I believe is about to be finished.

[IchDien]

Very Important. Lets us know what's left. Being paid from reserves from which the new rate is to be established from. Excellent news.

I get negs for common everyday occurrances from the UN. WOW people here just don't get it! ANYTHING that even HINTS at something different than what they choose to read into something they neg you on. Insurance payments have been made for the last 8 years, all this says is that they made the last of the payments...again...so what!

[abby01]

27 January 2011 – The United Nations commission that settles damage claims in connection to Iraq's 1990 invasion of Kuwait today made $680 million available to nine successful claimants.

This latest round of payments brings the total amount of compensation disbursed by the Geneva-based UN Compensation Commission (UNCC) to individuals, corporations, governments and international organizations to nearly $31.4 billion, leaving an outstanding balance of some $21 billion that remains owing to Kuwait, according to a press release.

This is from a UN report this January.

Link http://www.un.org/apps/news/story.asp?NewsID=37396&Cr=iraq&Cr1

Found one from 2001 that said $15.9 So it grew!

Joey on one of the chat programs, read it last night and felt the same way that Aqua Dude did about the word "settled".

Edited October 28, 2011 by abby01

[HopefulTxn]

PR/2011/8 27 October 2011

PRESS RELEASE

UNITED NATIONS COMPENSATION COMMISSION PAYS OUT US$1,038,375,281

Today, the United Nations Compensation Commission made available a total of $1,038,375,281 to

the Government of the State of Kuwait for distribution to eight successful claimants. Payment is being made

in respect of 4 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.

With today’s payment, the outstanding balances in respect of two of the remaining awards were paid

in full, leaving approximately $18 billion outstanding to six compensation awards.

To date, the Compensation Commission has made available $34.3 billion to over 100 Governments

and international organizations for distribution to 1.5 million successful claimants in all categories.

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).

LINK

[abby01]

If in January they paid $680 million and then in October a $1+ billion, according to the article I posted from Jan said $21 billion left and the one HopefulTexan posted said $18 billion ....there must have been some other payments?

At that payoff per year $3,686 billion in a year, it would take almost 5 more years to pay off the debt. They need this resolved sooner than that!

A good way to pay them off may be to RV if you ask me!!

[keepmwlknfny]

PR/2011/8 27 October 2011

PRESS RELEASE

UNITED NATIONS COMPENSATION COMMISSION PAYS OUT US$1,038,375,281

Today, the United Nations Compensation Commission made available a total of $1,038,375,281 to

the Government of the State of Kuwait for distribution to eight successful claimants. Payment is being made

in respect of 4 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.

With today’s payment, the outstanding balances in respect of two of the remaining awards were paid

in full, leaving approximately $18 billion outstanding to six compensation awards.

To date, the Compensation Commission has made available $34.3 billion to over 100 Governments

and international organizations for distribution to 1.5 million successful claimants in all categories.

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).

LINK

Thank you for bringing this up....I knew they still had a ways to go before Iraq is done making payments to Kuwait.....

[Kimberlye]

Insurance claims paid off...so what.

IchDien,

Smile; it's Friday.

Kimberlye

I get negs for common everyday occurrances from the UN. WOW people here just don't get it! ANYTHING that even HINTS at something different than what they choose to read into something they neg you on. Insurance payments have been made for the last 8 years, all this says is that they made the last of the payments...again...so what!

Things are changing here at DV. Just be patient.

Happy weekend to you,

Kimberlye

[IchDien]

IchDien,

Smile; it's Friday.

Kimberlye

Things are changing here at DV. Just be patient.

Happy weekend to you,

Kimberlye

Not sure by what you mean by things are changing, other than the change in the point system, which already happend, unless you're talking an upcoming RV soon, in which DO TELL, DO TELL You do make me smile though, thank you for that! +1 to you for it

[DayTrader]

Not sure by what you mean by things are changing, other than the change in the point system, which already happend, unless you're talking an upcoming RV soon, in which DO TELL, DO TELL You do make me smile though, thank you for that! +1 to you for it

Probably means they are getting rid of the butt holes on the site. But I think you know what she meant. So Says...................DayTrader

[tilak]

Very Big...thank you for the update....

GO RV

and of course +1 if my AVATAR is hot

[capt.cliff]

maybe they pay them with an annuity , Peachtree must be trying to hire Arab speaking associates like crazy---"IT'S MY MONEY AND i NEED IT NOW" lol!

[redsand]

maybe they pay them with an annuity , Peachtree must be trying to hire Arab speaking associates like crazy---"IT'S MY MONEY AND i NEED IT NOW" lol!

+1 for a weird commercial reference

[Carrello]

So they settled with the 8 claimants, or all of them? They make it seem like all of them but like Athiest states last I heard they owed quite a bit more than 1 bil.

Maybe two weeks ago (and I cannot find the article) it was stated that Iraq still owed Kuwait 35% of the reparations, 65% of the debt had been paid, but still billions were owed.

[Carrello]

Maybe two weeks ago (and I cannot find the article) it was stated that Iraq still owed Kuwait 35% of the reparations, 65% of the debt had been paid, but still billions were owed.

Here is a link to a DV post with additional information. Debt table links at the bottom on the page:

My link