UNCC meeting of May 1-3 2012

http://www.uncc.ch/pressrel/Press%20release%20-%20Payment%20of%2026%20April%202012.pdf


Iraq, Kuwait, UN ~ Governing Council of the United Nations Compensation Commission Concludes It's 73 Session


3 May 2012

The Governing Council of the United Nations Compensation Commission, under the Presidency of Ambassador Hanns Heinrich Schumacher (Germany), today concluded its seventy-third session.

At this session, the Council elected Morocco as its second Vice-President. South Africa currently holds the other vice-presidency.

Delegations from Iraq, including the Head and members of Iraq’s Committee of Financial Experts, Jordan, Kuwait and Saudi Arabia addressed the fifteen-member Governing Council at its opening plenary meeting.

The Governing Council continued its consideration of progress made by the participating Governments under the Follow-up Programme for Environmental Awards since the adoption of decision 269 (S/AC.26/269 (2011)) concerning the fulfilment of the Programme in the near term and opened consultations with the participating Governments on the political assurances that will ultimately be obtained under this decision.

In its consideration of the issue of arrangements for ensuring payments are made to the Compensation Fund, the Governing Council noted its appreciation of the continued deposits to the Compensation Fund since the transfer of the oversight of Iraqi oil revenues to the Iraq Committee of Financial Experts in July 2011.

The Council welcomed confirmation that a mechanism for the valuation and transfer of 5 per cent of non-monetary payments of petroleum, petroleum products and natural gas had been put in place by Iraq in compliance with Security Council resolution 1956 (2010).

The Council also considered a report from the Executive Head of the UNCC Secretariat on the activities of the Commission since the last session; and a report on payment of awards and distribution of payments to successful claimants, the transparency of the distribution process, and the return of undistributed funds.

At present, $16 billion remains owing to Kuwait for distribution to six successful claimants. Claims are paid with funds drawn from the United Nations Compensation Fund, which currently receives 5 per cent of the proceeds generated by the export sales of Iraqi petroleum and petroleum products in accordance with Security Council resolution 1483 (2003) and affirmed in subsequent resolutions, most recently in Security Council resolution 1956 (2010).

The Council decided to hold its next regular session from 27 to 29 November 2012.


http://www.uncc.ch/pressrel/73%20close.pdf