Chavez Orders Expropriation of U.S.
Company Owned Rice-Processing Plant
Caracas - President Hugo Chavez ordered the
expropriation of a U.S. company owned
rice-processing plant in Venezuela on
Wednesday.
The plant owned by the U.S.-based food giant
Cargill was seized for not distributing rice
without printing the regulated price on its
packages, local media reported.
Inspectors will go to the plant in
Portuguesa state to make sure the company
sells standard white rice that is subject to
government price controls.
The government has launched new effort to
ease pressure of inflation which reached 31
percent. Companies must ensure that 70
percent to 95 percent of their products
below the government price limit.
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