Wednesday, October 1, 2014

Venezuela: Maduro: An "Abandoned Company Taken Over by the Working Class"

According to The Latin American Tribune, Venezuelan President Nicolás Maduro has said that his government was applying the “socialist formula: an abandoned company taken over by the working class,” in reference to last week’s occupation of plants belonging to the US cleaning products maker Clorox.

“It’s the socialist formula. Any company that is abandoned will be taken over by the working class with the support of the revolutionary government. Let it be known,” Maduro said during a cabinet meeting aired Monday (September 29) on state television channel VTV.

The Venezuelan government on Saturday (September 27) announced the “temporary” occupation of the Clorox plants as well as the resumption of production once “operational restrictions” are done away with.

COMMENT: The Clorox Company reported Monday from its US headquarters that it had left Venezuela due to measures imposed by Maduro’s government, economic uncertainty and supply interruptions.

Maduro said that the closure by the multinational was due to the “economic war” on his government by certain players who want to end his mandate, and which, he says, had entered a new phase of “international financial war.”

Clorox said in a statement that for almost three years it was forced to sell over two-thirds of its products at prices determined by the government, which led to a huge increase in the costs of production and steady operational losses.

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