Decision ID: 000647

In October 1996 the 1971 Fund Assembly,in accordance with a statement by the Japanese delegation as to the position of the 1971 Fund which was endorsed by the Assembly, instructed the Director to explore (on a without prejudice basis with regard to the Fund’s position on the issue of time-bar) with the Italian Government and the shipowner/insurer the possibility of arriving at a global settlement which, as regards the 1971 Fund, fell within the maximum amount of compensation available, ie the difference between 60 million Special Drawing Rights (SDRs) and 14 million SDRs, minus the amounts which the 1971 Fund had paid or might have to pay to other claimants. The Assembly also instructed the Director to report the results of such exploratory discussions to the Executive Committee, which was authorised by the Assembly to approve any global settlement within the above financial limits.

Date: 30.09.1996
Category: Compensation payments
Subject: Global settlements