Retail: Venezuela's Chavez, to expropriate supermarkets caught hoarding food or speculating on prices

Venezuela President Hugo Chavez, has announced that he will shortly decree a law giving the government the authority to expropriate supermarkets, stores and other businesses caught hoarding food or speculating on prices.

He said the law will be used to severely punish businesses in food production and distribution that violate price controls set by the government.

"Don't give me an excuse," he warned "But if they do, I'm going to expropriate from them all that has to be expropriated for the defence of the Venezuelan people."

Associated Press reports the new legislation may impose prison terms between two to six years and fines on those who sell goods under price controls - either directly or through intermediaries - above the regulated price.

Other penalties include the authority to shut down businesses for 90 days during which time owners will be obligated to continue paying employees' wages, seizures of "necessary goods," and forcibly removing personnel in order to operate stores.

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