ANNOUNCEMENT 27 Apr 2010
In April 2010, the government of Venezuela announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Official Gazette of Venezuela. Gaceta Oficial de la República Bolivariana de Venezuela. Año CXXXVII - MES VIII. 12 de mayo de 2010. Nº 39.422. Decreto No. 7394 del 27 de abril de 2010. Available at: http://www.juris-line.com.ve/data/files/202.pdf
In the Official Gazette N. 39 422 contained 12 May Decree No. 7394 of April 27, 2010, by which the national executive decided the compulsory acquisition of movable and immovable property belonging to the enterprise MONACA. Notes the Venezuelan government takes such action in compliance with the provisions of Article 5 of the Law of expropriation for public and social in order to consolidate "... the socialist agro-processing capacity for the XXI Century Venezuela." Also points out the need to meet their targets under the policy of food security and sovereignty of the country.
MONACA is a producer and distributor of food that belongs to the group "GRUMA' of Mexico, which had been subjected to various investigations for alleged shortages and speculation in clear violation of the provisions of the 'Act for the protection of persons in access to goods and services', and at the time decreed that the compulsory acquisition, whether it was tampered with, but operating normally. According to unofficial reports, MONACA would be the second food provider in the Venezuelan market after the group of companies POLAR.