Venezuelan authorities in Caracas have seized almost 5 million toys from a toy supplier, implicating the business of preparing to sell them at inflated rates throughout the Christmas season.
The probe which began Thursday at the nation’s largest toy supply company, Kreisel-Venezuela, has apprehended two individuals in connection with the operation.
But citizens are now asking if the Venezuelan government has itself ended up being “the Grinch that stole Christmas,” just two weeks prior to Christmas, due to the fact that numerous households will not have the ability to purchase the confiscated toys.
Consumer protection agency head William Contreras challenged the concerns, stating executives at the toy supplier “do not care about our kids’ right to have a merry Christmas.”
CNN reports the toys, which were purchased by Kriesel as far back as 2008, were intended to be sold at margins topping 25,000%.
Venezuela is currently struggling with the highest inflation rates in the world, having seen a massive 500% increase this year, as reported in the International Monetary Fund. That figure is expected to reach 1,660% in 2017.
The federal government has announced plans to provide the 4.8 million toys to households in impoverished areas at lower-than-market costs.
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