Setting a date for the dissolution of the Iraqi-Kuwaiti Compensation Committee
Mawazine News – The United Nations committee charged with overseeing the process of Iraq’s payment of compensation to Kuwait has completed its mandate after 30 years of its formation and paid $52.4 billion, while the Security Council in New York is scheduled to approve on February 22 the dissolution of the committee.
The committee was established in May 1991 under Resolution No. 692 of the UN Security Council, and was responsible for managing financial compensation for Iraq, which is deducted at a rate of 5% imposed on sales of oil and petroleum products from Iraq.
During its mandate, the committee decided about 2.7 million compensation requests, of which $52.4 billion was paid out of about $352 billion claimed, the last of which was on January 13, at a value of about $630 million, according to the committee’s report.
The final report confirmed that “this amount represents” the end of the commission’s mandate after more than 30 years, and while this period of time appears to be long, it is important to note that the settlement of 2.7 million applications, with a total amount estimated at $352 billion during this period, is unconstitutional. Prefixed “for this type of action”.