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Vestey negotiates confiscated farms in Venezuela

By Aleksander Boyd

London 23.03.06 | Sources close to the British beef producer Vestey group informed me in London that an agreement has been negotiated with the Chavez regime. El Charcote in Cojedes state, first ranch to be invaded and confiscated in Venezuela, was sold to the government for $4 million. San Pablo, another Vestey farm in Apure state, was ceded by the British company, although $2.5 million were paid by the administration for the cattle on said farm.

Venezuela's National Institute of Lands (INTI) is now obliged to confirm title and issue certicates of productivity regarding Vestey's other 12 farms in Venezuela. Equally Venezuela's regime is also obliged to evict any unlawful occupants on those farms.

Vestey Group on its part agreed to suspend and withdraw international arbitration in this respect.

The spokesperson stated that Vestey Group wishes to be able to get on with the business of farming and supplying beef to Venezuela.

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