COMPENSATION COMMISSION PAYS OUT $497 MILLION TO 17 GOVERNMENTS
Press Release
IK/246
COMPENSATION COMMISSION PAYS OUT $497 MILLION TO 17 GOVERNMENTS
19980325 GENEVA, 25 March -- The United Nations Compensation Commission has today made available $497,801,535.31 to 17 governments for distribution to 199,487 successful claimants whose claims were resolved in the third instalment of category "A" (departure from Iraq or Kuwait) and category "C" (individual losses up to $100,000) claims.Funding for the payments being made comes from the 30 per cent share of the revenue derived from Iraqi petroleum sold pursuant to Security Council resolutions 986 (1995), 1111 (1997) and 1143 (1997). The revenue is received into the Compensation Fund until payment.
Claimants are to receive an initial payment of up to $2,500 each. For those actual award amount exceeding 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 8 October 1997, the Compensation Commission 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 category "A" and category "C" claims. On 12 March 1997, 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 claims in categories "A" and "C". 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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