News from the Crackdown on Usury in Venezuela

Miguel Cocchiola a member of the Venezuela National Assembly and owner of IMECA, selling Venezuelan timber to the Venezuelan people at over 2000 percent profit.

Caracas, November 14th – The Venezuelan National Assembly (AN) approved the granting of special legislative powers to President Maduro today by the constitutionally required 3/5 majority. The vote was 99 in favor, 60 against with 6 opposition abstentions.

In other news from the National Assembly it has been made public that AN Deputy from Carabobo state, Miguel Cocchiola, is the owner of the wood and hardware supplier IMECA that is present throughout Venezuela with 33 outlets.

Cocchiola was always known as a businessman but has now been revealed as a speculator and usurer against the pockets of the people he is supposed to represent. His store, IMECA is retailing products at astronomical profit margins which are classified as usury under Venezuelan law.

Some examples of this business malpractice are - buying Venezuelan timber at Bs. 435 per cubic meter and then selling it on at a price of Bs. 10.500 per cubic meter. This represents a profit margin of +2314%. A paint roller purchased for Bs. 11 was on sale for Bs. 99 (+800%). A pair of pliers bought for Bs. 8 were on sale for Bs. 59 (638%).

The whole chain of IMECA stores were rife with such profit margins and Cocchiola can look forward to having his parliamentary immunity removed, having to stand trial and face a 5 year jail term as well as having his business fined, tightly controlled from now on with profit margins fixed by law at between 15% - 30% as mentioned by President Maduro this evening in a national broadcast.

Source: Axis of Logic