Venezuela’s President Hugo Chavez Orders Seizure of Rice Processing Plants

Venezuela’s President Hugo Chavez ordered military troops to seize control of all rice processing plants in the country including those owned by foreign companies.

Chavez has accused the rice processing companies of intentionally operating below full capacity to boost profits. The action was taken on Saturday as growing concerns of food shortages shifted attention to the rice companies who have been operating below the government mandated 50 percent capacity.

Rice processing companies have allegedly been cutting production to evade price caps that affect their profit margins. Chavez imposed price caps on several basic food items in 2003 as rising inflation sent these items to unaffordable prices.

After ordering the seizure of rice plant facilities Chavez declared, “This government is here to protect the people, not the bourgeoisie or the rich.” He did not say how long the takeover would last or if it could lead to the nationalization of the industry

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