CARACAS, Venezuela-Globovisión, the only television channel left in Venezuela that is openly critical of the government, is now facing a serious threat of government interference. On Tuesday, President Hugo Chavez announced he had taken over 48.5 percent of Globovisión’s shares.
Twenty percent of Globovisión is owned by Nelson Mezerhane, who is also the president of Banco Federal (Federal Bank), a medium-sized bank with assets seized last month by Chavez for a “grave lack of liquidity.” Mezherane insisted that Banco Federal was not in crisis and that the government’s real purpose was to asphyxiate Globovisión.
Chavez says that because of the takeover of Banco Federal, the government is entitled to Mezerhane’s shares in Globovisión.
“Mr. Mezerhane has a company that has been taken over, which has 20 percent of Globovisión’s shares, and another company has 5.8 percent, together we get 25.8 percent,” said Chavez during a public ceremony on July 20.
The government absorbed another 20 percent of the television channel by taking over the shares of one of its principal shareholders, Luis Teófilo Núñez, who recently died. The president said that since Núñez’s shares cannot be inherited according to Venezuelan law, they now belong to the state.
“Add up 28.5 percent, plus 20 percent, and that’s 48.5 percent, pal,” said Chavez.
The Venezuelan president also said that the takeover committee handling Mezerhane’s case can now designate a representative of these shares on Globovisión’s board of directors.
Globovisión quickly issued a public statement in response to the president’s declarations, saying that according to the statutes of the news network, individual shareholders have no right to designate members to the board of directors. Board members are designated by the shareholders that possess more than 55 percent of the company’s shares.
The statement concluded saying that “beyond those who might be sitting on the board of directors, the editorial line of Globovisión has no percentage of shares,” adding that the editorial line will not be “expropriated or interfered with.”
One of Globovisión’s current shareholders, Alberto Ravell, said in an interview with Colombian Radio Station RCN, that the reason Chavez is taking these actions, is because he is very nervous about the upcoming National Assembly elections in September and about the evidence Colombia is presenting at the Organization of American States (OAS) this week supporting its accusations that Venezuela is providing safe haven to leftist Colombian guerrillas.
U.S. State Department spokesman Philip Crowley expressed American concern over the Globovisión situation. “Globovisión plays an important role within Venezuela and civil society. It has been subject to government intimidation, ... We’ll be watching it carefully,” said Crowley at a press briefing on Wednesday.
Twenty percent of Globovisión is owned by Nelson Mezerhane, who is also the president of Banco Federal (Federal Bank), a medium-sized bank with assets seized last month by Chavez for a “grave lack of liquidity.” Mezherane insisted that Banco Federal was not in crisis and that the government’s real purpose was to asphyxiate Globovisión.
Chavez says that because of the takeover of Banco Federal, the government is entitled to Mezerhane’s shares in Globovisión.
“Mr. Mezerhane has a company that has been taken over, which has 20 percent of Globovisión’s shares, and another company has 5.8 percent, together we get 25.8 percent,” said Chavez during a public ceremony on July 20.
The government absorbed another 20 percent of the television channel by taking over the shares of one of its principal shareholders, Luis Teófilo Núñez, who recently died. The president said that since Núñez’s shares cannot be inherited according to Venezuelan law, they now belong to the state.
“Add up 28.5 percent, plus 20 percent, and that’s 48.5 percent, pal,” said Chavez.
The Venezuelan president also said that the takeover committee handling Mezerhane’s case can now designate a representative of these shares on Globovisión’s board of directors.
Globovisión quickly issued a public statement in response to the president’s declarations, saying that according to the statutes of the news network, individual shareholders have no right to designate members to the board of directors. Board members are designated by the shareholders that possess more than 55 percent of the company’s shares.
The statement concluded saying that “beyond those who might be sitting on the board of directors, the editorial line of Globovisión has no percentage of shares,” adding that the editorial line will not be “expropriated or interfered with.”
One of Globovisión’s current shareholders, Alberto Ravell, said in an interview with Colombian Radio Station RCN, that the reason Chavez is taking these actions, is because he is very nervous about the upcoming National Assembly elections in September and about the evidence Colombia is presenting at the Organization of American States (OAS) this week supporting its accusations that Venezuela is providing safe haven to leftist Colombian guerrillas.
U.S. State Department spokesman Philip Crowley expressed American concern over the Globovisión situation. “Globovisión plays an important role within Venezuela and civil society. It has been subject to government intimidation, ... We’ll be watching it carefully,” said Crowley at a press briefing on Wednesday.
