Decision ID: 000918

In October 1998 the 1971 Fund Executive Committee, in the light of the claims situation, decided to authorise the Director to increase the level of payments to 100% of the established claims provided that the removal of the oil from theOsung No3 was completed successfully without any significant release of oil, that only a minor quantity of oil remained in the wreck, that the amounts laid down in the contract to remove the oil would not create any risk of the total amount of the claims exceeding the maximum amount available under the 1969 Civil Liability and 1971 Fund Conventions(60 million Special Drawing Rights) and provided that the Korean Government gave an undertaking to the effect that, if and to the extent that a claim by the Korean Government for the cost of the removal of the wreck were to result in the total amount of the established claims arising out of the incident exceeding the maximum amount of compensation available, the Government would not pursue that claim, in its entirety or in part, against the Fund.

Date: 30.09.1998
Category: Compensation payments
Subject: Level of payments