whatever. Why does this upset you so much? On 8/17/06, Gruss Gott <[EMAIL PROTECTED]> wrote: > Chávez Threatens To Nationalize Telephone Company > August 17, 2006; Page A6 > > CARACAS, Venezuela -- President Hugo Chavez threatened to nationalize > Venezuela's largest telecommunications company if it doesn't comply > with a court order to make pension payments to former employees. > > In a televised speech, Mr. Chávez said he had given executives of > Compania Anonima Nacional Telefonos de Venezuela, or CANTV, a > "prudent" grace period to comply, but he didn't specify how long that > period would be. > > Verizon Communications Inc. owns a 28.5% stake in CANTV, according to > its last annual filing with the Securities and Exchange Commission. > Spokesman Peter Thonis declined to comment on the situation. > > The Venezuelan Supreme Court ruled in July 2005 in favor of more than > 3,400 unionized CANTV workers in a long-running pension dispute. The > court said the workers' pensions had to be increased to take into > account currency devaluations, inflation and minimum-wage increases > since 1999. > > CANTV has contested part of the court ruling and is awaiting a study > from Venezuelan authorities to determine how much it will make in back > payments to retired workers. > > Company officials couldn't be reached for comment. > >
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