UNITED NATIONS COMPENSATION COMMISSION PAYS OUT ALMOST $569 MILLION
Press Release
IK/226
SC/6426
UNITED NATIONS COMPENSATION COMMISSION PAYS OUT ALMOST $569 MILLION
19971008 GENEVA, 8 October (UN Information Service) -- The United Nations Compensation Commission has today made available $568,972,563 to 75 governments and three international organizations for distribution to 228,575 successful claimants whose claims were resolved in the second instalment of claims in category "A" (individual claims for departure from Iraq or Kuwait) and category "C" (individual losses up to $100,000).The funding for the payments came from a 30 per cent share of the revenue derived from Iraqi petroleum sold pursuant to the "oil-for-food" mechanism of Security Council resolution 986 (1995). The revenue was put into the Compensation Fund.
Claimants are to receive an initial payment of up to $2,500 each. For those whose actual award amount exceeds 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.
On 12 March, the Compensation Commission 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" and "C" claims. By the end of 1995, the Compensation Commission had made available $13,450,000 for payment to all successful claimants under category "B" (death and serious personal injury).
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