UN fund pays out $1.3 billion compensation for Iraq's Kuwait invasion, total tops $40 billion

GENEVA - The U.N. panel that settles claims for damages from victims of Iraq's 1990 invasion of Kuwait has paid out another $1.3 billion ? bringing the total so far to $40.1 billion.

The U.N. Compensation Commission did not disclose the identities of the claimants on Thursday but said the money goes toward settling two claims for damages to Kuwait's oil fields, as well as production and sales losses.

The Geneva-based commission was established by the U.N. Security Council in 1991 and is funded by a 5 per cent tax on the export of Iraqi oil.

It has approved $52.4 billion in total compensation to more than 100 governments and international organizations, and makes payments every three months.

Source: http://news.yahoo.com/un-fund-pays-1-3-billion-compensation-iraqs-094623154.html

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