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Banking authorities approve dissolution of Globovisión shareholding company

(IPYS-Venezuela/IFEX) - On 3 December 2010, government banking authorities agreed to the dissolution of the company Sindicato Ávila, owner, among others, of 20% of the shares of private TV station Globovisión.

The decision, made public through the government's newspaper "Gaceta Oficial", means that Hugo Chávez's government now controls one fifth of the station's shares.

Globovisión is known for its critical stance against the government. The State has been in control of these shares since July, when an intervention was ordered because of the company's links with the financial corporation Grupo Financiero Federal, property of businessman Nelson Mezerhane, currently wanted by the authorities. The shares were administrated at first by Sudeban (a banking authority) and are now in the hands of the Fondo de Garantía de Depósitos y Protección Bancaria (Fogade).

According to Globovisión's statutes (the company is registered as Corpomedios GV Inversiones C.A.), the ownership of 20% of the shares does not provide the right to sit on or designate members to the TV station's Board, or to make decisions about its editorial line.

Ana Cristina Núñez, Globovisión's legal representative, explained that if Fogade decides to sell Sindicato Ávila's shares, the TV station's current shareholders will have the first opportunity to purchase them.

In June and July, President Hugo Chávez had already referred to the possibility that the State would get control over Globovisión's shares.

Case history

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