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Financial News: VENEZUELA: Government Intervenes At Wholesaler Makro For C

VENEZUELA: Government Intervenes At Wholesaler Makro For Conditioning Sales

11/21/2017 - 19:39:00 (RTTNews)

(RTTNews) - The Venezuelan government intervened in the wholesale chain Makro, one of the largest in the world, for "conditioning the sale of products of first necessity," scarce in the South American country.

"After several complaints received (...), by the exorbitant prices in the Makro commercialization network, the National Superintendency for the Defense of Socioeconomic Rights (Sundde) performed an administrative procedure on Tuesday, detecting irregularities," said the agency in a statement.

Among the wrongdoings were conditional sale of products and corruption among individuals,

William Contreras, National Superintendent for the Sundde, said that the action is part of a government counter-attack against what it calls an "economic war" waged by powerful sectors through "sales conditioning, hoarding, usury, speculation, and boycott."

Despite the lack of official inflation data, a report released a few days ago by the opposition claims that the country is on the verge of hyperinflation.

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