Economy
French-owned retail chain Éxito supermarkets will be seized for "violation of Venezuelan laws," President Hugo Chávez ordered. He instructed the relevant authorities to file a proceeding against the chain that is run by Colombian retailer Almacenes Éxito, while a law allowing the nationalization of companies that have raised prices after the devaluation announced two weeks ago is enacted.

The four expropriated supermarkets will become part of the Socialist Market Corporation (Comerso), along with shopping mall Sambil located in La Candelaria (downtown Caracas), which is under construction and could be converted into a "mixed" market, but it would not become a mall, said Chávez.

"How long are we going to let multinationals come here to do that?" Chávez asked during his Sunday radio and TV show. He ordered the relevant authorities to file a proceeding against the company while a new law allowing the expropriation of the chain controlled by French retailer Casino is enacted.

The chain of supermarkets will be nationalized. "This will be the first network of Comerso. We will see the decline of prices. We will change the name of the company. I urge the owners of Éxito to contact minister (of Trade Eduardo Samán) and Minister of Agriculture and Land, Elias Jaua. Due to the multiple violations of the Venezuelan laws, the Exito chain will now belong to Venezuela, there is no way back," Chávez said.

Chávez added that some industrial areas that are abandoned should be expropriated to benefit the community.

Translated by Gerardo Cárdenas

Sara Carolina Díaz
EL UNIVERSAL