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Venezuelan Govt decides to nationalize textile firm
Nov '10
Venezuelan Vice President, Elias Jaua recently announced the government's decision of nationalizing a textile firm and a transport company.

Jaua, while on his visit to the state-run Lácteos de Los Andes, made this announcement regarding nationalization of the domestic textile firm, Silka, which ran out of business in 1990's. He made an official announcement regarding the acquisition of company's assets and liabilities, while on a visit to the firm's vacant warehouses in Miranda's Los Teques.

Employees of Silka, who were then laid off, were seeking government intervention in the matter for long. The decision of nationalizing the firm would work in the interest of its sacked employees who had been claiming their rights for 17 long years. He even stated that, the government needs to be criticized for taking over 10 year's time to finally make this acquisition.

Jaua revealed that, the Central government has already sanctioned BsF 7.7 million, required to clear the debts of the company that it owed to its 171 ex-workers.

He also accused the proprietor of Silka to be a capitalist, as he had closed the facility without considering the interest of the workers who gave their 20 years while working in the company, thus enabling him to build his wealth. Also, the workers were given no assurance regarding the payment of their health or retirement benefits.

As stated by Jaua, Confección Textiles Los Teques, a communal firm jointly possessed by the government, workers and the public would take over Silka's operations, and would be bestowed with the responsibility of developing the country's cotton textile industry.

Fibre2fashion News Desk-India

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