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Thursday, April 20, 2017

GM: Venezuela Illegally Seizes Factory


General Motors said Wednesday that Venezuelan authorities had illegally seized its plant in the industrial hub of Valencia and vowed to “take all legal actions” to defend its rights. The seizure comes amid a deepening economic crisis in leftist-led Venezuela that has roiled many U.S. companies. “Yesterday, GMV’s (General Motors Venezolana) plant was unexpectedly taken by the public authorities, preventing normal operations. In addition, other assets of the company, such as vehicles, have been illegally taken from its facilities,” the company said in a statement. It said the seizure would cause irreparable damage to the company, its 2,678 workers, its 79 dealers and to its suppliers More…

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