Decision ID: 001502

In October 2003 the 1992 Fund Executive Committee decided to authorise the Director to settle compensation claims arising from the incident to the extent that they did not give rise to issues of principle not previously considered by the Funds’ governing bodies, It was also decided that, since the Kyung Won was not insured for pollution liabilities and it was unlikely that the shipowner who had become bankrupt would have financial ressources to make any compensation payments, the 1992 Fund should pay settled claims even if the shipowner had not made any payments.

Date: 30.09.2003
Category: Compensation payments
Subject: Authorisation to settle claims