Decision ID: 004056

At its October 2015 session, the 1992 Fund Executive Committee noted that about 72% of the claims had been resolved with the Korean courts applying a similar approach to claim assessment as the Fund, that the Korean Government was standing last in the queue for its claims and was also compensating claimants the full amount awarded on a final basis by the Courts, and subrogating its rights vis-à-vis the 1992 Fund. Taking the aforementioned into account, the Executive Committee decided that there were sufficient safeguards in place to increase the level of payments to 50% of the amount of the established losses in respect of the Hebei Spirit incident and to review this decision at its next session.

Date: 22.10.2015
Category: Compensation payments
Subject: Level of payments