Venezuela to consider proposal prohibiting bankers from owning media companies

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  • August 12, 2010

By Ingrid Bachmann

The Venezuelan vice president, Elías Jaua, asked the National Assembly to include in the reform of the General Bank Law a provision prohibiting shareholders of financial institutions from participating in communications enterprises, reported El Nacional.

A similar restriction exists in Ecuador. President Correa recently reminded bankers in Ecuador that they are constitutionally obligated to end any participation in the media before the deadline at the end of October, explained EFE.

According to El Universal, Jaua mentioned the case of Nelson Mezerhane, ex-president of Federal Bank, that was taken over by Venezuelan authorities, and shareholder of Globovisión, to justify the reform initiative. “The measure is meant to dismantle the perverse relationship between the media and financial sector," he argued.

The president of the National Assembly, Cilia Flores, announced that the reform proposal will be approved with parliamentary urgency during the first floor debate, and then sent to the Finance Commission for any recommended changes, added AFP.

Note from the editor: This story was originally published by the Knight Center’s blog Journalism in the Americas, the predecessor of LatAm Journalism Review.