Venezuela detains pharmacy executives for hoarding products

CARACAS, Venezuela — Venezuela has detained executives of one of the country's largest pharmacy chains for allegedly manufacturing shortages of basic necessities, Bloomberg Business reported Monday.  

Farmatodo CEO Pedro Luis Angarita and two other top managers are in custody, Bloomberg Business noted. 

 

According to the report, collapsing oil revenue has sharpened shortages of basic products. Farmatodo executives stand accused of hoarding and speculating in light of the product shortages. Venezuela has promised to increase state control of the distribution business.