Tuesday, September 25, 2018 2:00 pm
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DUBLIN (From news reports) -- Smurfit Kappa is writing off €60 million of its investment in Venezuela as the Irish packaging group signalled that it was quitting its operations there after the government took control of its paper mill last month.
The Venezuelan government issued an "occupation order" against Smurfit's business, which employs 1,600 people, claiming that the company was abusing its dominant position. Two executives remain under arrest. Smurfit said that it had taken the decision after concluding that it was "impossible for SKCV [its Venezuelan subsidiary] to manage its affairs in a way that complies with its normal business standards".
It added: "The company has been subject to government interference, including through the arbitrary harassment of its employees."