Baghdad paid the full sums.. Closing the file of Iraq's compensation to Kuwait

POSTED ON[You must be registered and logged in to see this link.] BY [You must be registered and logged in to see this link.]

[size=52]Baghdad paid the full sums.. Closing the file of Iraq's compensation to Kuwait[/size]

[size=45][You must be registered and logged in to see this image.][/size]
Iraq has committed to pay compensation for the war that Saddam launched against Kuwait in 1990
[size=45]The United Nations Security Council, on Tuesday, unanimously issued a resolution officially ending the mandate of the “United Nations Commission on Compensation for Damage Resulting from Iraq’s invasion of Kuwait in 1990,” after Baghdad paid the full sums owed to Kuwait, amounting to 52.4 billion dollars.[/size]
[size=45]The resolution stated that the Security Council “decides to terminate the commission’s mandate” and considers it “accomplished.”[/size]
[size=45]The resolution added that the Security Council "confirms that the Iraqi government is no longer required to pay to the fund" managed by the committee "a percentage of the proceeds from sales of its exports of oil, petroleum products and natural gas."[/size]
[size=45]According to the resolution drafted by the United Kingdom, the Security Council “confirms that the process of submitting claims to the Committee has now and finally been completed, and that no further claims will be submitted to the Committee.”[/size]
[size=45]The Iraqi Foreign Minister, Fouad Hussein, welcomed the resolution before the Security Council, stressing that "Iraq today is turning an important page of its history that lasted more than thirty years."[/size]
[size=45]The Iraqi minister added that his country "opens a new page (...) as Iraq seeks to strengthen cooperation frameworks with the international community, particularly the United Nations."[/size]
[size=45]Hussein praised the success of “working with the United Nations Compensation Commission,” considering that it “was a successful model for multilateral action.”[/size]
[size=45]This commission is unprecedented and could serve as a role model in the future if necessary.[/size]
[size=45]The committee was established in May 1991 under Resolution 692 of the UN Security Council, and was responsible for managing the financial compensation owed by Iraq, which deducted 5% of its revenues from sales of oil, petroleum products and natural gas.[/size]
[size=45]Its final report to the Security Council was officially approved in Geneva on February 9.[/size]
[size=45]During its mandate, the committee decided about 2.7 million requests for compensation, which amounted to 52.4 billion dollars of the 352 billion dollars claimed. The most recent was on January 13, with a value of about $630 million, according to the committee's report.[/size]
[size=45]Compensation was distributed to individuals, corporations, governmental organizations and other organizations who suffered losses resulting directly from the invasion and occupation.[/size]
[size=45]On August 2, 1990, the Iraqi army invaded the State of Kuwait and annexed this small, oil-rich emirate to Iraq, before an international coalition led by the United States expelled it after seven months.[/size]
[size=45][You must be registered and logged in to see this link.]