| Subject: U.N. Pays $863.7 Million in Claims Against Iraq |
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Date Posted: 22:15:59 04/08/03 Tue
U.N. Pays $863.7 Million in Claims Against Iraq
08.04.2003 [20:50]
A further $863.7 million has been paid out to victims of Iraq's 1990 invasion and occupation of Kuwait, mainly wealthy Kuwaitis and companies, the United Nations said on Tuesday. It brought to $17.5 billion the total paid out to date, according to a statement by the U.N. Compensation Commission (UNCC), which is handling nearly $350 billion in claims against Iraq.
Wealthy Kuwaitis who proved losses of more than $100,000, as well as Kuwaiti companies and state-owned entities who filed successful claims, share $738.1 million of the latest batch.
A Kuwaiti who lost an Islamic art collection, carpets, jewelry and thoroughbred horses is among the recipients, officials said. He filed for $16.5 million in losses, but was awarded $4.2 million.
Successful claimants in Britain, Israel, Turkey and the United States followed Kuwait. In all, 370 individual claimants, companies and state entities in 27 countries received funds.
The payout was larger than expected due to the high price of oil in recent months, which soared above $33 per barrel last month, officials said.
The Geneva-based fund receives 25 percent of the revenues from the U.N. oil-for-food program, which allowed Iraq to sell oil. It was suspended last month shortly before the start of the U.S.-led invasion as U.N. expatriate staff pulled out of Iraq.
Reuters
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