UNITED NATIONS COMPENSATION COMMISSION PAYS OUT $892 MILLION
| Press Release IK/307 |
UNITED NATIONS COMPENSATION COMMISSION PAYS OUT $892 MILLION
GENEVA, 15 November (UN Information Service) -- The United Nations Compensation Commission has made available today in the fifth payment of the third phase of the payments mechanism a total of $892,792,868.00 to 17 governments for distribution to 357 successful claimants. Payment is being made to successful claims in category “E” (claims of corporations, other private legal entities and public sector enterprises) approved at the forty-first session of the Governing Council in September 2001. Payment is also being made to claims in categories “E” and “F” (claims of Governments and international organizations) approved in prior Governing Council sessions, in addition to funds made available to them in previous rounds of payments.
The attached table lists the Governments receiving funds, and the amounts of money to be made available to each of them.
The present payment brings the overall amount of compensation made available to date by the United Nations Compensation Commission to $13,671,877,312.03.
The first phase of payments involved an initial payment of $2,500 to each successful individual claimant in categories “A” (claims of individuals for departures from Kuwait or Iraq) and “C” (claims of individuals for damages up to $100,000), as well as payment of the full amount to all successful claimants in category “B” (claims for death or serious personal injury). In the second phase, payments of up to $100,000 were subsequently made available to approved claims in categories “A”, “C”, “D” (claims of individuals for damages above $100,000), “E” (claims of corporations, other private legal entities and public sector enterprises), and “F” (claims of governments and international organizations) in two rounds comprising payment amounts of up to $25,000 and $75,000 respectively. The second phase concludes payment of the full amount to all successful claimants in categories “A” and “C”. A total of $8,375,026,587.08 has been made available to 1,503,088 claimants in all categories under the first and second phases of payments.
In the third phase of the payments mechanism, which commenced in October 2000, each successful claimant in categories “D”, “E” and “F” shall receive an initial amount of up to $5 million in accordance with decision 100 of the Governing Council of the Compensation Commission. Subsequent rounds of payments of up to $10 million are to be made to successful claimants in these categories of claims in the order in which they have been approved. Including today’s payment, a total of $5,296,850,724.95 has been made available to 3,370 claimants in categories “D”, “E” and “F” under the third phase.
Funds to pay the awards of compensation are drawn from the United Nations Compensation Fund which receives up to 30 per cent of the revenue generated by the export of Iraqi petroleum and petroleum products. At present, the Compensation
Fund receives 25 per cent of the proceeds under the “oil-for-food” mechanism in accordance with Security Council resolution 1360 adopted on 3 July 2001.
The Governing Council monitors the distribution of payments to claimants by the relevant governments and international organizations. Governments and international organizations are obligated to distribute funds to successful claimants expeditiously and to report to the Commission on payments made to claimants. Any funds undistributed to claimants by governments and international organizations within twelve months of receiving payment shall be returned to the Commission. Further payments to Governments and international organizations shall be suspended where they fail to report on the distribution of funds to successful claimants or fail to return undistributed funds on time.
Further information about the Commission can be found on its web site located at http://www.uncc.ch.
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