UN pays out another $1 billion from Iraqi oil fund

[April 26, 2012]  GENEVA (AP) -- A United Nations panel has approved another $1 billion in compensation for victims of Iraq's 1990 invasion of Kuwait.

The U.N. Compensation Commission said in a statement that the money will go to four companies and two government, or international, bodies. It did not disclose their identities Thursday, but said all are in Kuwait.

The commission has so far paid out $36.4 billion for governments and international organizations to distribute among 1.5 million claimants.

A further $16 billion is earmarked for unidentified claimants in Kuwait.

Until the U.S.-led 2003 invasion of Iraq, the commission received 25 percent of the proceeds of Iraq's oil sales to compensate for losses and damage suffered by Iraq's 1990 invasion.

After the invasion of Iraq, that cut was reduced to 5 percent.

[Associated Press]

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