The pharaoh has his pyramid

Yesterday, Hugo Chávez went shoplifting again.

This time, the axe fell on the neck of Seguros La Previsora, a large insurance company, owner of an iconic, pyramid-like building in Caracas’ Sabana Grande district.

I don’t know the reasons why Chávez decided to expropriate La Previsora, but part of me thinks the main reason is that he liked the building, and wants it all for himself.

We know the government recently passed a draconian new insurance law, basically eliminating most incentives and opportunities to make a profit. And they had their eye on the company since at least last year.

But does anyone out there have the back story on why La Previsora in particular? Did La Previsora refuse to honor the policy of some chavista bigwig? Were members of the Board implicated in other shenanigans? Or was the company in serious trouble?

And can a giant, pyramid-shaped picture of Chávez posted on the side of the building be far off?

Caracas Chronicles is 100% reader-supported. Support independent Venezuelan journalism by making a donation.