VENEZUELA - The latest, in a long list of companies in the hardware and wood sector investigated by Venezuelan authorities on its proclaimed offensive for "fair prices", was Masisa’s Placacentro of Boleíta in Caracas. On this occasion the company was fined 5,000 tax units (TU) for recorded profit margins of over 2,500%.

An inspection visit to the Placacentro was undertaken by the Minister for Industries, Ricardo Menendez, on December 11th. The official stressed that a team from the Institute for the Defense of People's Access to Goods and Services (Indepabis) and the Superintendence of Costs and Prices (Sundecop) will remain at the company intervined in order to build a cost structure and define "fair prices for the Venezuelan people."

The minister also informed that the government will be monitoring Masisa’s production operation, located in the state of Anzoategui, to verify the supply and distribution chain to asociated construction materials companies.

Since November 10th similar situations have occurred in companies related to the wood, hardware and furniture industries when President Nicolas Maduro announced that the Government would be deployed throughout the country, in order to monitor commerce in the food, textiles, footwear, hardware, appliances, toys and vehicles sectors. In this respect the president said, "Our goal is to maintain the economic offensive and prices will continue to fall to where they have to come down."

In the last 30 days inspections led by cabinet ministers and related entities have taken place generating fines and penalties to various companies, including Ferreterías EPA, Maderas IMECA, PRECA, Ferretotal, Casapiel Muebles, Distinmuebles, Mariara Lámparas y Muebles, Muebles Mary and Furniture Latin Corp.