:
Kuwait has received another $270 million in compensation for Iraq’s 1990 invasion, the UN said Tuesday, as it aims to wrap up reparations more than a decade after Saddam Hussein‘s death.
Rafael Nadal marries partner of 14 years, Xisca Perello
Rafael Nadal married his childhood sweetheart of 14 years, Xisca Perello, at a castle in Mallorca on Saturday. Nadal,…
3577 | the publication reaches you by | Kuwait OnlineThe United Nations Compensation Commission was set up in 1991, the same year that a US-led coalition drove former Iraqi dictator Hussein’s forces out of Kuwait.
The commission has been authorised to pay out $52.4 billion (46.8 billion euros) to individuals, corporations, government bodies and other organisations that incurred losses directly caused by the Iraqi leader’s incursion and occupation of Kuwait.
The funds come from a levy on the sale of Iraqi oil and petroleum products.
The commission was forced to halt payments between 2014 and 2018, due to a security crisis in Iraq, notably the takeover of large parts of the country by the Islamic State group.
With the latest payment, the commission said it had paid out a total of $48.7 billion, leaving $3.7 billion left to be distributed.
Those funds are tied to a single claim submitted by the Kuwait Petroleum Corporation losses in oil production and damage to oil field assets, the commission said in a statement.
Until it requested a pause in 2014, Iraq adhered to the levy, although some have questioned whether the scheme remains fair to a still-struggling nation. Hussein was ousted by another US invasion in 2003 and executed in 2006.
Boursa Kuwait announces net profit of KD 5.63 million for the period ended 30 June 2020
Against the backdrop of the unprecedented conditions brought on by the COVID-19 pandemic, Boursa Kuwait saw a net profit…
717 | the publication reaches you by | Kuwait OnlineKuwait Today Business Subscription
Category: #Kuwait News | 2019/07/24 latest update at 12:31 PM
Source : | Photocredit :
