Venezuela Expropriates Largest Domestic Ferry Company

Chávez is at it again! The Venezuelan president ordered Monday the expropriation of Conferry, the largest ferry company in the country. Conferry provides transportation from the mainland to Margarita Island, a popular tourist attraction.

Conferry’s expropriation coincided with a new report from Fedecámaras, Venezuela’s  equivalent of the U.S. Chamber of Commerce. In 2011 alone, Venezuela has expropriated 402 companies, according to Fedecámaras.

This is not the first time that the Chávez government interferes with Conferry’s operations. The company had been previously fined by the state-run consumer protection agency for alleged poor service.

This recent acquisition by the Chávez government is the latest entry in a long list of assets seized by the state. Business leaders say Chávez’s nationalizations are ruining the economy.