ANNOUNCEMENT 21 Jan 2010In January 2010, the government of Venezuela announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Law of partial reform of the law for the defence of people's access to goods and services (Gazeta Oficial de la Republica Bolivariana de Venezuela, Numero 39.358, Lunes primero de Febrero de 2010):
http://www.tsj.gov.ve/gaceta/Febrero/122010/122010.pdf#page=2 (page 374.472)
On January 21, 2010 the Venezuelan National Assembly passed a law that facilitates for the executive power to nationalise and expropriate enterprises that are considered to be of general interest.
This modification of the existing law was requested by President Chavez on January 17, 2010 to manage the consequences of the devaluation of the Venezuelan currency, that is, to be able to expropriate companies that had to sharply increase their prices after the devaluation of the local currency.