UNITED NATIONS COMPENSATION COMMISSION PAYS OUT $144 MILLION
Press Release
IK/216
UNITED NATIONS COMPENSATION COMMISSION PAYS OUT $144 MILLION
19970314 GENEVA, 12 March (UN Information Service) -- The United Nations Compensation Commission has today made available $144,019,945 to 63 governments and one international organization for distribution to 57,636 successful claimants whose claims were resolved in the first instalment of category "A" (departure from Iraq or Kuwait) and category "C" (individual losses up to $100,000) claims.The funding for the payments being made to these claimants out of the Commission's Compensation Fund came from a 30 per cent share of the revenue derived from the sale of Iraqi petroleum sold pursuant to the "oil-for-food" mechanism of resolution 986 (1995).
Claimants are to receive an initial payment of up to $2,500 each. For those whose actual award amounts exceed this figure, additional payments are to be made later. The Commission's Governing Council has determined that all successful claimants in categories "A" and "C" should receive up to $2,500 each before any payments may be made from the Compensation Fund to corporations, governments or individuals with claims for losses in excess of $100,000.
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