Decision ID: 000468
In June 1995 the 1971 Fund Executive Committee (in a private session attended only by representatives of Fund Member States and representatives of the shipowner’s insurer) decided to instruct the Director to continue the negotiations with the claimants and to authorise him to agree, on behalf of the Fund, a global settlement of all outstanding claims and issues, subject to a number of terms and conditions. The Committee decided that the offer of a settlement would be open until 31 July 1995 but that this time period could be extended by the Chairman. The Director was authorised to sign binding agreements on behalf of the Fund and make payments to certain claimants if a global settlement were reached. The Committee also decided to submit to the 1971 Fund Assembly for consideration at its 18th session a draft Resolution referring to the decision to accept a global solution, pointing out that this was without prejudice to the fact that many of the claims were time barred and that the decision did not constitute a precedent.