Venezuela’s Empresas Polar SA, the country’s largest food producer, called government charges that it’s hoarding products and speculating on prices “absurd” and ”senseless”, reported Bloomberg.

Polar factories are working at maximum capacity and “every kilo” it produces is supervised by the state, making such practices impossible, the company said today in a statement sent by e-mail.

The “arbitrary” government seizure last week of 114 tons of food from Polar warehouses in Barquisimeto, a city in Lara state, represents 0.1 percent of the company’s monthly nationwide output of 100,000 tons, the statement said.

Venezuelan President Hugo Chávez said Sunday that the government may “go after” Polar for hoarding and that he will request an investigation of the company after the Barquisimeto confiscation.

Read the entire Bloomberg story and Polar’s press release issued on May 25.