UNITED NATIONS, July 14 -- The bombed Gaza power station was covered by a $48 million insurance policy, it has emerged. The insurer is the U.S. government's Overseas Private Insurance Corporation, OPIC. This was because of the plant's ownership by the Enron Corporation, whose chairman Ken Lay died last week while awaiting sentencing for business fraud. OPIC has insured other Enron power plants, in the Philippines, Turkey and India.

The head of the UN's Office for the Coordination of Humanitarian Affairs (OCHA), Jan Egeland, told reporters on July 11 that the plant was insured by "an American insurance company" and that the policy might not be paid on, due to sanctions against the Hamas government.

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Posted by rjorr at July 14, 2006 11:29 AM