A total of 3,821,926 toys were seized from two warehouses and they will be delivered to poor children before Christmas Day, officials say.
The Fair Prices Agency accused toy importer Distribuidora Kreisel of hoarding and inflating prices and demanded authorities to arrest its directors and ban them from leaving the country as a precautionary measure.
Venezuelan authorities have ordered price cuts on retailers, and have mobilized observers to enforce it. In late 2013, President Nicolas Maduro introduced laws allowing the government to fix prices and dictate profit margins due to the high rate of inflation.
The Venezuelan government has called the opposition coalition to work together to end what President Maduro has described as an “economic war” that has created shortages of food supplies and other essential products, including medicines.
Venezuela’s socialist government and the right-wing opposition announced last month that they would sit down for formal talks, mediated by the Vatican and other international agencies, in order to find a solution to the economic crisis that has generated a widespread social unrest.
However, hardline opponents support the speculation and hoarding in a bid to speed up the presidential elections and the recall referendum process against Maduro.
Edited by Venezuelanalysis.com.