Venezuelan officials have confiscated nearly 5 million toys from a toy distributor, accusing the company of planning to sell them at inflated prices during the Christmas season.
Critics say the consumer protection agency, which targeted the toy warehouse this week, has become the Grinch that stole Christmas because many families wont be able to buy the confiscated toys for the holiday.
Agency head William Contreras disputed that, saying executives at toy distributor Kreisel-Venezuela, the largest of its kind in the country, dont care about our childrens right to have a merry Christmas.
Venezuelan Chamber of Commerce President Francisco Fernández told CNN the government is acting in an irresponsible way, discouraging job creation and endangering private property.
This was plundering of inventory. The government didnt even respect the companys right of due process, Fernández said.
Venezuela is experiencing a deep economic crisis that has seen inflation skyrocketing to a whopping 500% this year, according to the International Monetary Fund. The IMF says it may reach 1,660% in 2017.
If Maduro keeps confiscating all private property, eventually there won't be anything left to take.
And what business will want to invest in Venezuela in the future if the government is just waiting in the wings to confiscate it all?
Source:
CNN Wire via http://pix11.com/2016/12/11/venezue...a-grinch-after-seizing-nearly-5-million-toys/