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President Maduro: The economic offensive continues each day in the defense of the Venezuelan people

Chronology of irregularities found by Venezuelan authorities

The President of the Bolivarian Republic of Venezuela, Nicolás Maduro, announced a set of actions on November 6th with two objectives: to make progress in establishing a “new domestic economic order” to transition to socialism, and to defeat the economic war promoted by the right in their attempts to end the Bolivarian Revolution.

The economic offensive aims to readjust and rearrange the system of price setting for goods in the country, “putting the people in a central role.”  “We have an induced inflation, [one that is] created, that has an exponential component of speculation,” the President explained.

There are plans to include all the people in this fight against the economic war, which will include establishing a powerful network of people’s committees for the defense of the economy.

Click here to read the measures announced by President Maduro on November 6th.

Below, read a chronology of the civil-military operation against speculation and hoarding, which began on November 8th.

November 7:

•    The government discovered containers in Puerto Cabello, in the state of Carabobo, that were used for fraud in the assignation of dollars for imports.

November 8:


•    Indepabis (Venezuela’s consumer protection agency) regulated the prices of an electronics-appliance store (Daka) in Caracas, Lara, Falcón and Carabobo.  Price gouging of over 1000% was found during an inspection.
•    Food Minister Felíx Osorio inspected a milk packaging plant (Agropecuaria Sur América) in the state of Aragua and found irregularities in storage and distribution.

November 9:

•    Authorities inspected General Import retailer and found that price tags had been unduly changed.  As such, an administrative proceeding began against the store, which carries a tax sanction and will force the store to place the correct price tags on each product.
•    Following an inspection of Ingeve, an electronics store, its owners voluntary decide to adjust prices by reducing them by half.  An investigation begins to compare receipts with the amount of preferential dollars the store had received for imports.
•    The owners of electronics store Mundo Samira, which is located in Caracas, had charges brought against them by the Public Ministry for allegedly commiting usury following an investigation that detected price gouging of 50%.
•    Items were overpriced by 1200% at JVG in Caracas, an appliance-electronics store, which led to the owner being detained by the Bolivarian National Intelligence Service (Sebin).

November 10:


•    The Public Ministry detained five people for allegedly committing usury, a direct result of the regulation plan put forth by the Maduro administration.
•    President Maduro announces inspections into various sectors, including: food, textiles, shoes, hardware, appliances, electronics, toys and vehicles.

November 11:

•    Nasri, an appliances-electronics store in Caracas, was subject to an inspection which found profit margins of between 355% and 568% on overpriced items.
•    Venelca, an appliances-electronics store, was subject to an inspection which found evidence of usury, fraud and possible forging of documents.  Moreover, items were found to be 70% overpriced.
•    Luisa Ortega Díaz, Venezuela’s Attorney General, announced that 28 people were detained for fraud in supply and demand, a crime which is prohibited by the Law for the Defense of Peoples’ Access to Goods and Services.

November 12:

•    The government detected irregularities in Imeca hardware stores in Carabobo, Yaracuy and Miranda.  The investigation found inconsistencies in receipts, unduly changed price tags, items without prices, potential tax evasion and usury.
•    Overpriced products are found in Dorsay department stores following an inspection by Héctor Rodríguez, Vice President for Social Issues.
•    The Maduro administration orders the temporary occupation of Duncan and Titan car battery makers to evaluate the production process.  This measure is taken following an inspection which found irregularities.
•    Forty stores are inspected in the state of Trujillo, which found irregularities in price tag changes and profit margins of 100% to 200% in 80% of the products inspected.
•    Different types of irregularities are found in Centro Ferretero El Pico, a hardware store in Miranda.  The store allegedly commits usury, has a shortage of inventory on shelves and hoards goods in outside warehouses.
•    A team investigated stores in Los Próceres shopping mall and found goods overpriced by up to 200%.

AVN / Press – Venezuelan Embassy in the US / November 13, 2013

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