Venezuela seeks to bar banks from owning media firms

[Judi Lynn]

Venezuela seeks to bar banks from owning media firms
CARACAS | Thu Aug 12, 2010 3:34am IST

(Reuters) - Venezuela's government said on Wednesday it will seek to prohibit banks from owning stakes in media companies, a day after saying it would sell assets of a seized bank linked to an opposition television channel.

Vice President Elias Jaua said the proposal would be included in a banking reform bill being prepared by parliament, which is dominated by supporters of socialist President Hugo Chavez, ahead of legislative elections on Sept. 26.

"We are proposing to disqualify those who own the media or shareholders from doing so simultaneously with banks and financial institutions," Jaua said in a televised meeting with lawmakers in the South American oil producer.

Venezuela's finance minister said on Tuesday that the authorities would sell some of the assets of Banco Federal, which had been closely linked to the Globovision television channel, Chavez's fiercest media critic.

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