Decision ID: 001727
In October 2005 the 1992 Fund Executive Committee, recalling that at its March 2005 session it had authorised the Director to seek an out-of-court settlement with all the parties involved (ie the Federal Republic of Germany and the owner and the insurer of the Kuzbass), noted that the shipowner and the insurer had increased their offer from 18% to 20%. It was also noted that,considering that under the circumstances there was no possibility to persuade them to increase the offer beyond 20%, and in the light of the decision by the Committee, the Director had decided to accept the offer, as a result of which the shipowner and the insurer would pay 20% and the 1992 Fund 80% of any proven losses suffered by the Federal Republic of Germany.