August 23, 2018 / 1:46 PM / 3 months ago

Smurfit Kappa denies Venezuelan govt allegations against its local unit

Aug 23 (Reuters) - Paper packaging company Smurfit Kappa Group on Thursday denied allegations made against its Venezuelan unit by the Venezuelan government.

Venezuela's state price control agency Sundde said on Tuesday the government had temporarily occupied the local unit, and ordered immediate price adjustments for all its products.

The company, which has operated in the country since 1986, said it entirely refutes the allegations, made after two days of government inspections, and believes them to be without merit.

Smurfit Kappa said the unit, Smurfit Kappa Carton de Venezuela, represented less than 1 percent of its core earnings in the first six months of 2018. (Reporting by Arathy S Nair in Bengaluru Editing by Alexandra Hudson)

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