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UN ends Iraq’s requirement to pay victims of Kuwait invasion

The Associated Press reported, the U.N. Security Council voted unanimously Tuesday to end Iraq’s requirement to compensate victims of its 1990 invasion of Kuwait, with Baghdad having paid out more than $50 billion to 1.5 million claimants.
Michael Gaffey, Ireland’s ambassador to the U.N. in Geneva and president of the governing board of the U.N. Compensation Commission, whose fund decided on the claims, told the council after the vote that the body’s work was a “historic achievement for the United Nations and for effective multilateralism.”
“Ultimately, 2.7 million claims were submitted to the commission seeking $352 billion in compensation,” he said, and the $52.4 billion awarded to 1.5 million claimants “represents approximately 15% of the total claims.”
Under a Security Council resolution adopted in April 1991 after a U.S.-led coalition routed Saddam Hussein’s forces and liberated Kuwait in the first Gulf War, Iraq was required to set aside a percentage of proceeds from its oil exports for the fund to compensate victims of the conflict.
That share was 5% in 2013, when the council voted to end the possible military enforcement of several requirements imposed on Iraq after the invasion in recognition of improved relations with Kuwait. The level stood at 3% for Iraq’s final payment on Jan. 13.

Gaffey said the governing council adopted its final decision on Feb. 9 declaring that Iraq’s government had fulfilled its international obligations to compensate for losses and damages suffered as a direct result of its unlawful invasion of Kuwait.
He said the fund’s governing council gave priority to claims by individuals who were forced to leave Iraq or Kuwait, to those who suffered injuries or whose spouse, child or parent died, or who suffered personal losses of up to $100,000. He said this humanitarian decision “marked a significant step in the evolution of international claims practice.”
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But there were also companies and businesses that received funds. Kuwait Petroleum Corporation successfully claimed $14.7 billion for oil production and sales losses resulting from damage to the country’s oil fields during the 1990-91 Iraqi invasion and occupation.
The Security Council resolution adopted Tuesday affirms that Iraq has fulfilled its international obligations, that “Iraq is no longer required to deposit a percentage of proceeds from export sales of petroleum, petroleum products and natural gas into the fund,” and that the commission’s claims process “is now complete and final and that no further claims shall be made to the commission.”
The council terminated the commission’s mandate under the 1991 resolution and ordered it to conclude outstanding matters so it can close by the end of 2022.
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Iraqi Foreign Minister Fuad Hussein told the council that his country has concluded “an important 30-years-long chapter and embarks on a new chapter in its diplomatic, political and economic journey.”
He said: “This will be an era of a more prominent regional and international role, commensurate with Iraq’s historical and cultural significance for the region and the world, an era during which Iraq will be an active member committed to the aspirations and goals of the international community."
Kuwaiti Ambassador Mansour Al-Otaibi welcomed the resolution’s unanimous adoption and commended “such a historic achievement by the council in relation to its work on compensation.”
He said: “We are fully aware that the aim of compensation is not to punish the aggressor but rather to ensure accountability” and to hold the aggressor liable for damages and bring “trust to affected governments and individuals."
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Al-Otaibi said the world should not forget that establishing compensation and addressing the impact of aggression “are key to building trust, reconciliation and clearing any remaining issues that might in the future stand in the way of restoring and forging relations and achieving common interests of the states concerned.”
Source: AP
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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