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AIG AND OTHERS REACH FINAL SETTLEMENT WITH PERU IN BELCO PETROLEUM EXPROPRIATION CASE

 NEW YORK, Sept. 28 /PRNewswire/ -- American International Group, Inc. (NYSE: AIG) (AIG), on behalf of itself and certain other parties ("the claimants"), and the Republic of Peru have reached a final agreement on settlement of their dispute involving the Belco Petroleum Corporation expropriation case. The final binding agreement was signed by both parties on Sept. 21, 1993 and became effective today with the initial payment by Peru to the claimants.
 The agreement implements the settlement terms initially agreed upon by the parties in December 1991, as revised in April 1993, which provided for payments by Peru to AIG and the other claimants of U.S. $184.7 million, together with interest. The claimants include several AIG companies, various insurers and other parties. According to the terms of this final agreement, the claimants received an initial payment of U.S. $30 million from Peru at closing. A payment of accrued interest will be made on Jan. 31, 1994, with the balance of the principal and the accrued interest to be paid in six equal annual installments commencing July 1, 1994.
 As part of the agreement, AIG and the other claimants have provided a full release to Peru for any claims to the former Belco assets, and have agreed to withdraw any other pending judicial or administrative actions before the U.S. Government. Other details of the agreement were not released by the parties.
 -0- 9/28/93
 /CONTACT: John T. Wooster, vice president - communications of AIG, 212-770-3146/
 (AIG)


CO: American International Group; Belco Petroleum Corporation ST: New York IN: OIL SU:

LD -- NY087 -- 6522 09/28/93 16:32 EDT
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Publication:PR Newswire
Date:Sep 28, 1993
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