WORLD> Middle East
UNCC compensates Kuwait with $610m
(Xinhua)
Updated: 2009-10-30 00:54

GENEVA: The United Nations Compensation Commission (UNCC) paid Kuwait $610 million on Thursday in compensation for losses and damages resulting from Iraq's 1990-1991 invasion and occupation of the country.

The money will be distributed to 10 successful claimants, five from corporations and the public sector, and five from governments and international agencies.

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Thursday's round of payments is in accordance with the second phase of UNCC Governing Council decision 256, which gives priority in payment to claims with outstanding amounts less than $500 million as well as environmental remediation claims.

Nine of the claimants will be paid $2 million each, while one claimant will receive $592 million. The money is generated from Iraq's exportation of oil.

Thursday's payment brings the total of paid claims to more than $28 billion, just over half of the $52 billion awarded. Ten successful claimants remain.

The Geneva-based UNCC was created in 1991 as a subsidiary to the UN Security Council. Its sole purpose is to process and pay claims resulting from Iraq's invasion and occupation of Kuwait.