The Goodman family yesterday received the official decision that its compensation claim for losses incurred as a result of the Iraqi invasion and occupation of Kuwait had been rejected by the UN Compensation Commission.
The compensation claim was for $331.8 million (€272.8 million) and centred on losses the Goodman family claimed were incurred on beef exports to Iraq in the early 1990s because of the invasion.
Yesterday a spokesman for the family issued a statement in response to the decision. He said that the family noted the formal decision of the commission. The family confirmed that it lodged a claim with the UN Compensation Commission on behalf of family shareholder interests in one of the Goodman companies.
"The claim was related solely to the issue of shareholder value in the business at the time. It was initiated in the early 1990s following the invasion of Iraq. The Goodman family believed its claim was wholly justifiable and was fully encouraged by the UN Compensation Commission to initiate and pursue the claim," the statement said.
Following the invasion of Kuwait in 1990 and the subsequent Gulf War, 30 per cent of all Iraq's income was set aside for the purposes of the UN Compensation Commission. However, since the 2003 invasion of Iraq, this had been reduced to 5 per cent, the spokesman said.
The decision of the commission was consistent with the current political desire for the rebuilding of Iraq's infrastructure. Iraq was seeking forgiveness of debt from foreign creditors of the country, he said.
"At all times, the Goodman companies continued to trade as normal, to operate on a consistently profitable basis and to pay their farmer suppliers directly on delivery to its plants, as has always been the case.
Today Irish Food Processors successfully operates processing plants in 21 locations throughout Ireland and Britain," the spokesman said.