SIC News Supermarkets of Portuguese in Venezuela accused of speculation and forced to reduce prices

Venezuelan authorities have filed a sanction against three Portuguese supermarket chains that accuse speculation in price agreements after the currency conversion that came into effect on Monday.

Supermarkets were also forced to lower prices for the April sales figures.

In a statement, the supreme oversight of Venezuela's socio-economic rights (Sundde) explains that telephone complaints were received about irregularities that led to a continuous investigation of the supermarket chains Luvebras, Excelsior Gama and Central Madeirense.

Supermarket networks are suspected of having "made speculation, price changes, misleading offers, and other socio-economic offenses".

"These transactions sell products with higher profit margins than those established, as well as the placing of prices on the shelves that do not correspond to the cash register, and therefore Sundde, as an entity responsible for guaranteeing the rights to goods and services, a preventive measure of direct price adjustment ", can be seen in the note.

According to the Venezuelan authorities, companies have five working days at the start of a sanction procedure to submit the documents requested by the authorities. Last Monday in Venezuela a currency conversion came into effect that has five zeros on the strong bolivar in circulation the sovereign bolivar.

On Wednesday, the Venezuelan government set prices for the sale of 25 basic foods to the public, including products that are scarce in the country and cost slightly less than those on the black market.

However, these products have already risen in price with informal sellers.

In six days the Venezuelan currency lost 24.51 times the value, according to data from the Central Bank of Venezuela.

On August 17, one euro was worth 2.85 bolivars (Bs.S), but today it is 69.87 Bs.S worthy at the official exchange rate of Dicom.

On the other hand, in the parallel market, in the same period, the euro went from 68.68 Bs to 109.82 Bs.


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