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posted by cmn32480 on Friday April 21 2017, @07:54AM   Printer-friendly
from the this-is-why-they-can't-have-anything-nice dept.

http://money.cnn.com/2017/04/20/news/gm-venezuela-plant-seized/index.html

General Motors says it will immediately halt operations in Venezuela after its plant in the country was unexpectedly seized by authorities.

GM described the takeover as an "illegal judicial seizure of its assets."

The automaker said the seizure showed a "total disregard" of its legal rights. It said that authorities had removed assets including cars from company facilities.

"[GM] strongly rejects the arbitrary measures taken by the authorities and will vigorously take all legal actions, within and outside of Venezuela, to defend its rights," it said in a statement.

Authorities in Venezuela, which is mired in a severe economic crisis, did not respond to requests for comment.

It was not immediately clear why authorities seized the GM plant. Huge swaths of Venezuela's economy have been nationalized in the years since former President Hugo Chavez rose to power. Under Chavez, who took office in 1999, the state took control of private oil, telecommunications, energy and cement businesses.

President Nicolas Maduro has continued the tradition, while blaming the United States and its companies for Venezuela's economic and political problems.


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  • (Score: 0) by Anonymous Coward on Friday April 21 2017, @01:15PM (1 child)

    by Anonymous Coward on Friday April 21 2017, @01:15PM (#497373)

    This will do wonders in the aspect of attracting foreign business and talent. When reality had their way with them which it can do literally forever until the behavior modification is completed. Did I say it was a bitch? ;) Anyway they will be on the negotiation table with little on their hand to play with. Foremost, trust will be gone!

    Is this Venezuela you're describing, or the United States?

  • (Score: 2) by kaszz on Saturday April 22 2017, @12:02AM

    by kaszz (4211) on Saturday April 22 2017, @12:02AM (#497679) Journal

    Hasn't the United States experienced this since 2001-09-11 ? I think I have seen some numbers on academic drop by 50%.