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Published: Sunday, November 22, 2009
Bylined to: Wire Services

Venezuelan President Chavez says banks violating laws will face sanctions

Wire Services: Venezuelan President Hugo Chavez says his government was forced to take over management of four private banks because they were not complying with laws and were unable to prove the origins of their funds.

Chavez was referring to his government's intervention in the small banks Canarias, Confederado, Bolivar and ProVivienda (BanPro) after finding they were not complying with regulations.

He said Saturday night after the banks were purchased by wealthy investors, they were unable to show authorities "where the resources came from."

Chavez warned that any "private bank that continues violating national laws will be intervened in."

The government measure taking over management was announced Friday. It's unclear how long it may last.

http://www.busrep.co.za/index.php?fSectionId=566&fArticleId=5256053

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