Cantv retirees' case must wait until nationalization

Thursday, January 25, 2007

Former workers of Venezuela's fixed line incumbent Cantv (NYSE: VNT) will have to wait until after the country's national assembly drafts nationalization laws to receive overdue pension payments, according to a statement posted on the assembly's website.

The retired workers recently won a drawn out court case against the incumbent to receive pension payments in accordance with the country's minimum wage, in some cases going back 14 years.

The retirees' plight was used on several occasions by President Hugo Chávez as a reason to threaten nationalization of the incumbent before he officially announced nationalization plans two weeks ago.

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Some 6,000 Cantv retirees met with parliamentarians on Wednesday, after the company's union requested a meeting with government officials last week.

The country's tax authority Seniat had not yet determined how much is owed to each retiree when the nationalization was announced.