|
|
|
|
|
|
Emblem or problem branded privatizations? Some Venezuelan citizens behave rather curiously when facing the privatization of Government controlled corporations. It seems as if privatizing would imply a partial loss of national identity. This explains the resistance against the divesting of some assets when they are unproductive. This situation becomes worse when, for the ill sake of the institution being sold, it has an established name in Venezuelan tradition. This circumstance has a more serious effect on the feeling of losing something that belongs to the entire nation, although just a few months prior to its nationalization it had a single owner. This privatization is then being seen through a magnifying glass, a review is made of the foreigner who may get to own the institution and, consequently, the name; if there is no other way out than to sell it, measures must be taken in order that under no circumstance one should see among the probable buyers any institution of that which we call —with a little dash of hypocrisy— our sister republic. We have observed this situation in several cases and it has been an issue in opinion programs where there have been warnings on the risk implied, for instance, by the sale of Banco de Venezuela. Something similar, but under different reasons, occurred with the sale of Aeropostal Venezolana —we dare not even think of the consequences of having Avianca as the best bidder. We are convinced, however, that nothing would have happened if Aerolíneas Argentinas or Varig, much less KLM, had made bids. The problem lies with the fact that, aside from legal reasons hampering the sale of some of the recently nationalized financial institutions, and from the lack of a reliable consultancy and information system ensuring a more reliable privatization process, there is in the mind of some Venezuelans —quite influential ones indeed— and idea on what is to be deemed Venezuelan that is quarreled with business logic and with economic globalizations. For these Venezuelans —and we do not question their good faith— privatization must recover, for the benefit of the nations, the values lost under the bad management of the assets being sold. To this one should add that the Republic, in many instances, has paid a price totally out of proportion with these companies’ value. This is why privatization is seen as a tool to replenish the Republic’s losses and, consequently to make any one seeking to own them an expensive price. |
|
|
Copyright Venezuela Analitica |