The Associated Press January 28, 2010, 4:49AM ET
UN pays out $674.2 million from Iraqi oil fund
GENEVA
The U.N. panel overseeing compensation for victims of Iraq's 1990 Kuwait invasion said Thursday it has paid $674.2 million from Iraqi oil funds to cover losses from the war.
The U.N. Compensation Commission said the money would go to five private corporations and five government or international bodies. It did not disclose the identities of the claimants.
The commission, made up of the 15 U.N. Security Council member countries, has so far paid out nearly $29 billion. Another $23.5 billion is earmarked to go to nine more unidentified claimants.
Money to pay the claims comes from Iraqi oil sales.
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 commission receives from Iraqi oil exports has been reduced to 5 percent.
In 2008, the commission asked member nations to help it recover more than $80 million in overpayments made to several thousand claimants.
UN pays out $674.2 million from Iraqi oil fund
GENEVA
The U.N. panel overseeing compensation for victims of Iraq's 1990 Kuwait invasion said Thursday it has paid $674.2 million from Iraqi oil funds to cover losses from the war.
The U.N. Compensation Commission said the money would go to five private corporations and five government or international bodies. It did not disclose the identities of the claimants.
The commission, made up of the 15 U.N. Security Council member countries, has so far paid out nearly $29 billion. Another $23.5 billion is earmarked to go to nine more unidentified claimants.
Money to pay the claims comes from Iraqi oil sales.
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 commission receives from Iraqi oil exports has been reduced to 5 percent.
In 2008, the commission asked member nations to help it recover more than $80 million in overpayments made to several thousand claimants.