Smurfit Kappa 'no longer controls' Venezuela business
The paper and packaging group has blamed the 'continuing action and interference' of the Venezuelan government for the move
Paper and packaging group Smurfit Kappa says it no longer has control of its Venezuelan business Smurfit Kappa Carton de Venezuela (SKCV).
The company has decided to deconsolidate its Venezuelan operations in the third quarter of this year and will take a €60m hit due to the write down of the value of its assets.
Smurfit Kappa has blamed the “continuing action and interference” of the Venezuelan government for the move.
The government of president Nicolás Maduro took control of SKCV in late August under what is known as an Occupation Order. “As a result of this action by the government of Venezuela it is impossible for [Smurfit] to manage its affairs in a way that complies with our normal business standards”, Smurfit Kappa said at that time.
