Decision ID: 001234

In June 2001 the 1992 Fund Executive Committee and the 1971 Fund Administrative Council considered the question of the distribution of liabilities between the 1992 Fund and the 1971 Fund. The Executive Committee and the Administrative Council recalled that they had both considered the same question at their 9th and 2nd sessions respectively in the context of the Al Jaziah 1 incident. The Executive Committee and the Administrative Council also recalled that both bodies had concluded that, since there were neither provisions in the Fund Conventions nor any rules under general treaty law governing the simultaneous application of the two sets of Conventions, a practical and equitable solution should be agreed. The 1992 Fund Executive Committee and the 1971 Fund Administrative Council decided that the liabilities arising out of the Zeinab incident should be distributed between the 1992 Fund and the 1971 Fund on a 50:50 basis.