UNITED NATIONS COMPENSATION COMMISSION PAYS OUT US$1.07 BILLION
25 July 2013
The United Nations Compensation Commission today made available $1.07 billion to the Government of the State of Kuwait towards the Commission’s remaining claim with an outstanding balance. With this payment, the Compensation Commission has paid out $42.3 billion of its total awarded amount of $52.4 billion to over 100 Governments and international organizations for distribution to 1.5 million successful claimants in all claim categories, leaving approximately $10.1 billion remaining to be paid.
The remaining category E claim was submitted by the Government of the State of Kuwait on behalf of the Kuwait Petroleum Corporation. In 2000, the claim was awarded $14.7 billion for oil production and sales losses as a result of damages to Kuwait’s oil field assets and represents the largest award by the United Nations Compensation Commission’s Governing Council.
Pursuant to Governing Council decision 267 (S/AC.26/Dec.267 (2009)), payments are made to outstanding claims on a quarterly basis in rounds of $10 million. 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 is currently five per cent pursuant to 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