InfoAnda - UN pays out nearly $889 million from Iraq oil fund

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Africa Europe Latin America Middle East North America Search Search: UN pays out nearly $889 million from Iraq oil fund AP - 2 hours 46 minutes ago GENEVA - The U.N. panel overseeing compensation for victims of Iraq's 1990 invasion of Kuwait said Wednesday it has paid a $888.6 million (709.4 million euros) installment from Iraqi oil funds to cover losses and damages suffered by governments and private companies. The U.N. Compensation Commission said the money will go to 13 claimants in Kuwait, two in Saudi Arabia and one in the U.S. The panel did not disclose the identities of the claimants, but said that all were government bodies _ except for the U.S. claimant, a private company that will receive about $162.6 million (129.8 million euros). The U.N. Compensation Commission, which is made up of the 15 U.N. Security Council member countries, said it has so far paid out nearly $26.3 billion (21 billion euros). More than 1.5 million claims have already been paid out, and only 12 remain outstanding, it said. Money to pay the claims comes from Iraqi oil sales. The commission has approved $52.4 billion (41.8 billion euros) in total compensation. Until the U.S.-led invasion of Iraq that toppled Saddam Hussein in 2003, the commission received 25 percent of the proceeds from the U.N. oil-for-food program, which allowed the former Iraqi regime to sell oil and buy food, medicine and other humanitarian goods despite international sanctions. Since the invasion, the amount the UNCC receives from export sales of Iraqi petroleum and petroleum products has been reduced to 5 percent. In April, the UNCC asked member nations to help it recover more than $80 million in overpayments made to several thousand claimants. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: World Canadian convicted in plot to bomb British targetsAP - 1 hour 37 minutes ago Soldiers fleeing Congo provincial capitalAP - 1 hour 41 minutes ago 21 victims dead in Somalia suicide attacksAP - 1 hour 43 minutes ago College prices up again as economy faltersAP - 1 hour 44 minutes ago Iraq outlines changes it wants in pact with USAP - 1 hour 45 minutes ago Most Popular – World Viewed When men see red, they see hot: study World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead Obama set for prime-time appeal to voters Markets rebound ahead of key US meeting View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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