CARACAS, Wednesday March 04, 2009 | Update
Economy
Venezuelan President Hugo Chávez on Tuesday ordered
expropriation of a rice plant owned by US food giant Cargill
because it was not producing rice that is subject to government
price controls.
"Start the process to expropriate Cargill," he admonished.
In addition, during a contact with state-run channel Venezolana
de Televisión (VTV), the president asked for a court
investigation due to flagrant violation of the law.
It was not clear whether the move will affect all the corporate
operations but only the rice processing plant.
Venezuelan authorities inspected Cristal plant in Portuguesa
state, western Venezuela, and found that it was violating
laws requiring production of price-controlled foods, Chávez
said in comments broadcast by state television.
Besides, Chávez called agro-businessmen "liars" and
threatened food company Polar businessmen to expropriate them
everything, if the government decides to do it.
Minister of Agriculture and Lanas Elías Jaua explained
that at the beginning the provisional occupation by state
authorities will apply. Later, a decree on expropriation will
be drafted and endorsed by the National Assembly.
Translated by Conchita Delgado
Angie Contreras C.
EL UNIVERSAL
01:11 PM.
Economy.
Domestic inflation rate in Venezuela was 1.7 percent in January, at the same rate as in December 2009, despite currency devaluation at the start of the year decreed by President Hugo Chávez, a senior government source told Reuters on Tuesday.