Decision ID: 003496

In March 2008 the 1992 Fund Executive Committee authorised the Director to make settlements of claims arising from the incident to the extent that they did not give rise to questions of principle not previously decided by the Committee. The Committee further decided to authorise the Director to make payments, but that, in view of the uncertainty as to the total amount of potential claims, payments should for the time being be limited to 60% of the amount of the damage actually suffered by the respective claimant as assessed by the Fund’s experts. It was also decided that no payment would be made to the Korean Government, the regional or local authorities or any other government agency pending a final decision by the Korean Government in respect of it standing last in the queue. The Committee decided to review the situation at its next session.