UNITED NATIONS, Jan 10: The United Nations may have overpaid by as much as $5 billion to individuals, companies and Gulf states for losses in Iraq's 1990 invasion and occupation of Kuwait, according to audit reports made available on Monday.

The UN Compensation Commission (UNCC) posted some 19 reports on its Website a day before a total of 56 audits were to be made public by an independent panel led by former US Federal Reserve chairman Paul Volcker. Senior UNCC officials strongly denied any overpayment and dismissed the auditors' conclusions.

Mr. Volcker's panel is investigating the UN oil-for-food programme mandated by the Security Council to ease the hardship faced by Iraqi citizens as a consequence of the first gulf war. The 19 audits of the Geneva-based UNCC do not identify any corruption. But the audits raised questions, mainly about evidence in approving awards for damages.