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Chavez bashes executives of Mexico's Cemex

Chavez bashes executives of Mexico's Cemex

President Hugo Chavez lashed out at the Mexican cement company Cemex SAB on Thursday, saying its executives have been irresponsible and disrespectful after the company said it would seek arbitration over the nationalization of its cement plants in Venezuela.
Chavez's strong remarks suggest a fight is brewing over compensation after Cemex announced it would seek World Bank arbitration.
Chavez did not refer to Cemex's planned arbitration move but said "the Mexicans at the company Cemex have been disrespectful."
"Some of those transnational managers, they speak English though they're generally Latin Americans. They have a superiority complex," Chavez said in remarks on state television.
Cemex, the world's third-largest cement maker, said Wednesday that it will file a claim before the International Center for Settlement of Investment Disputes, an autonomous division of the World Bank in Washington.
Cemex called the confiscation of its assets a "flagrant violation" of Venezuela's constitution and its expropriation laws. It added that Venezuela's offer of US$650 million in exchange for its local operations "significantly undervalues its business in Venezuela."
Chavez justified the move to nationalize Cemex's Venezuelan subsidiary by strongly criticizing its environmental record.
"Go see the pollution there is _ and not only in the trees, along the coasts _ in the lungs of the boys and the girls" in some areas where Cemex has operated, Chavez said. He did not elaborate on the accusations or offer evidence.
He accused Cemex of "looting the wealth of the country and selling the most expensive cement in the world."
There was no immediate reaction from Monterrey, Mexico-based Cemex.


Updated : 2021-06-20 14:05 GMT+08:00