São Paulo – The United States Compensation Commission (UNCC) has made US$ 1.24 billion available to Kuwait this Thursday (23rd). The amount is part of a US$ 54.2 billion compensation for losses incurred by the country during the Gulf War, in the early 1990s. <\/p>\n
The UNCC was established in 1991 to process claims and pay compensation for losses and
Damages incurred by individuals, corporations, governments and international organizations as a direct result of Iraq’s invasion and occupation of Kuwait. The Commission received approximately 2.7 million claims and concluded its review of all claims in 2005. Approximately $52.4 billion was awarded to over 100 Governments and international organizations for distribution to 1.5 million claims in all claim categories.<\/p>\n
The UNCC ruled that US$ 54.2 billion were due to more than 100 governments and international organizations, and that 1.5 million claims warranted compensation. According to the UNCC, US$ 43.5 billion have been paid thus far, including the funds made available this Thursday to Kuwait. The only outstanding claim, worth US$ 8.9 billion, was submitted by the
Government of the State of Kuwait on behalf of the Kuwait Petroleum Corporation, which has been awarded US$ 14.7 billion in 2000 for oil production and sales losses as a result of damages to Kuwait’s oil field assets <\/p>\n
According to a press release, the UNCC uses 5% of Iraq’s oil and oil products revenues to pay the compensations, in accordance with the United Nations Security Council resolution 1483, issued in 2003 and reaffirmed in a number of subsequent resolutions, most recently under Security Council resolution 1956, in 2010<\/p>\n
The Gulf War was a result of the invasion of Kuwait, on August 2, 1990, by Saddam Hussein’s Iraq, in an attempt to annex the country. A coalition of 30 countries, led by the United States, bombed Iraq and sent troops to the country. The conflict ended in March 1991.<\/p>\n
*Translated by Gabriel Pomerancblum<\/strong><\/p>\n