Business News

Venezuelan government expropriates two coffee companies

Nov 11, 2009, 19:40 GMT

Caracas - The Venezuelan government on Wednesday expropriated two coffee companies that had been placed under state intervention three months earlier. The forced acquisition of the companies Fama de America and Cafeca was made official through publication in the official records, the Gaceta Oficial, which argued that the authorities sought to guarantee supply of the product. According to Venezuelan authorities, the two firms controlled two- thirds of the country's coffee production and pushed small and medium enterprises out of business. Over the past three years, the government of left-wing populist President Hugo Chavez has expropriated companies in various sectors, from oil, cement and telecommunications to tourism and hotels.

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