Venezuela May Jail Executives Over Dollar Bids, Nacional Says

June 17 (<a href=quote.bloomberg.com>Bloomberg) -- Venezuela's foreign exchange commission said it asked the public prosecutor to investigate at least 80 companies for fraudulent bids to receive dollars, which may lead to jail terms for executives, El Nacional reported.

The commission said the companies, which it didn't name, submitted forged or counterfeit tax and social security documents. If found guilty, officials from the companies could face up to five years in prison, the newspaper said, citing a commission press release.

Venezuela restricted dollar sales in January to stem a decline in international reserves after a two-month strike cut oil output, which accounted for 43 percent of government revenue last year. The country imports about 60 percent of the products it consumes.

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