MercoPress. South Atlantic News Agency

Chavez calls on business to “repatriate” assets

In a veiled warning Venezuelan President Hugo Chavez called Saturday on business community leaders to repatriate ten billion US dollars they hold overseas and “invest them in their own country”.

"I'm asking you to bring back the 10 billion US dollars you took out over the last ten years and invest them in Venezuela. If you don't, we will have to take measures after our victory next December 3", said President Chavez during a ceremony in Maracaibo, 700 kilometers west of Caracas.

However the populist president who refers to Venezuelan business leaders who oppose him and his regime as "oligarchs" gave no clues as to what kind of decisions he might take if there is no return of overseas assets, which the government estimates believes could be as high as 80 billion US dollars.

Measures would be defined after the presidential elections next December which, he predicted he will win by a "knockout".

Chavez's address during the foundation stone laying ceremony for the first Bolivarian Complete Educational City which will cover some 31.500 square meters.