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Venezuelan Government Arrests 11 Banking Officials, Seizes Operations

The Venezuelan government is leading an aggressive campaign to stabilize the economy. Police have arrested 11 top officials from the country’s largest private bank. They have also pledged to temporarily intervene in the bank’s activities to clean up purported illicit activity, officials said on Thursday. It was not clear whether the 90-day intervention would be a first step toward a full takeover of Banesco. It’s the second round of arrests recently at a private interest following the detention of two Chevron employees. Attorney General Tarek William Saab in a state TV broadcast announced that the Banesco executives had been detained following a “surgical” probe uncovering “irregularities” that devalued Venezuela’s flagging currency

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