January 25, 2007
Nationalizations will comply with Constitution

(Panorama Digital) - "Minister of Finance, Rodrigo Cabezas, said Venezuela will not use confiscation as part of its plans for company nationalization.

The Minister said the State will act complying with the National Constitution and explained there will be no chaos in the country as a consequence of the programmed activities of the companies in the telecommunications, energy and oil sectors.

'The nationalization process will be done within the frame of constitutional norms. No one has mentioned the confiscation of any company', Cabezas said. (...)

Cabezas also said that other national and international private companies will not be affected by similar measures and gave General Motors and the largest factory, Empresas Polar, as examples. 'These companies are assets we need to protect; we want them to continue producing; employing people; not closing. We want them to be sure that what we're doing is in benefit of the whole society' (...)

The private sector can contribute with us by establishing strategies for economical development (...)".