Regulatory New business South Africa

Subscribe

Elections 2024

Siviwe Gwarube tells us why the DA could help South Africa succeed!

Siviwe Gwarube tells us why the DA could help South Africa succeed!

sona.co.za

Advertise your job ad
    Search jobs

    Venezuela probes US paper company's prices

    CARACAS: Venezuela has begun an investigation into two paper companies, including US giant Kimberly-Clark, for allegedly skirting government price controls on products, officials said Monday, 23 March 2009.

    The probe was launched after consumer protection institute Indepabis inspected the premises of Kimberly-Clark and Manufacturas de Papel (Manpa) and found they had stopped producing products that came under price controls.

    Government agents searched factories of both firms in northern Maracay, a trade ministry statement said, adding that it was studying "additional measures" it might take to protect the consumer.

    The move follows President Hugo Chavez expropriation, on 4 March, of a rice processing plant, a subsidiary of US agriculture giant Cargill, on charges it had stopped producing a variety of rice that also came under price controls.

    On 5 March, Chavez expropriated a 1,500-hectare (3,700-acre) plantation owned by Irish paper manufacturer Smurfit Kappa to develop a domestic farm program.

    The seizures and price controls are part of the Chavez administration's attempts to come to grips with worsening shortages of staples.

    Manpa is a 50% owner of the US-based SIMCO Recycling Corporation, of Costa Rica-based Manpa of Central America and of Trinidad and Tobago's Paper Converters.

    Source: AFP

    Published courtesy of

    Let's do Biz