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Question :
What main business impacts companies are expropriated? could foreign investors in Venezuela prepare for if their companies are expropriated?
Enabling Expropriation
Under the direction of then-President Hugo Chavez, the Venezuelan government enacted a policy that allowed for the expropriation of foreign investments in major industries. This was one of the most critical policy pronouncements made by the now deceased Chavez to fulfill his promise to establish "21st century socialism" in his country. Chavez's legal backing for these expropriations came from the "Enabling Law" passed by the Venezuelan National Assembly and approved by the president himself. This law allowed Chavez to order regulations in 11 areas, from the "economic and social sphere" to the "transformation of state institutions". The president's authority to legislate by decree was supported by the President of the Venezuelan Supreme Court. The Enabling Law gave Chavez the authority to carry out his renationalization plans, including reversing legislation allowing for substantial or complete private ownership of the energy sector. With the Enabling Law, Venezuela sought to nationalize the energy and electricity sectors.
Compensation
Chavez's government seized Venezuela's largest telecommunications company, CANTV, before compensating shareholders. Quanture, a U.S. mobile operator, had a 28.5 percent stake in CANTV at the time. When the U.S. ambassador suggested that U.S. companies and investors required adequate compensation for their shares in expropriated companies, Chavez respondedthat the ambassador might be asked to leave Venezuela.
Proceed with Caution
The Venezuelan government bought Quanture's stake in CANTV for significantly less than its value before Chavez's nationalization announcement. It did not give shareholders fair market value for their shares. Foreign investors in Venezuela needed to determine their legal rights and what they could do to protect themselves, as well as look at other means of compensation should this happen to them.
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