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Venezuela Seizes Toys Before Christmas Over Inflated Prices

Image: Venezuela Seizes Toys Before Christmas Over Inflated Prices

A guard walks between boxes of confiscated toys in a warehouse. (FEDERICO PARRA/AFP/Getty Images)
 

By    |   Monday, 12 Dec 2016 08:33 AM

Venezuela has seized millions of toys just before Christmas from the country's largest importer over inflated prices and arrested two if its senior executives.

Four million toys were confiscated after the country's price regulation agency, Sundde, opened an investigation against importer Kreisel, acording to The Independent.

"The children of the country will have a happy Christmas," said William Contreras, the head of Sundde. "We will guarantee their Christmas gifts."

National Public Radio said Kreisel was accused of creating a scarcity of toys to boost prices. Authorities charged that Kreisel used money acquired at a special government exchange rate to buy the products between 2008 and 2014. Stores complained, though, that the toy the distributor declined to fill their orders.

"The government claims that businessmen and traders hoard goods for long periods to speculate on prices," said the Local Committees of Supply and Production. "Venezuela suffers the highest inflation in the world, estimated at 475 percent for 2016 by the IMF, and the currency lost 75 percent of its value against the so-called 'black dollar' since last September."

Venezuelan President NicolΓ‘s Maduro said despite confiscating the toys, the government is protecting children and the country, according to CNN.

"They say we're stealing the toys from this company, but the company committed fraud against our country," Maduro told reporters.

The government said the toys will be sold to families in poor neighborhoods at below market prices.

Social media comments were mixed.

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Venezuela has seized millions of toys just before Christmas from the country's largest importer over inflated prices and arrested two if its senior executives.
venezuela, seizes, toys
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2016-33-12
Monday, 12 Dec 2016 08:33 AM
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