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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.
(Score: 2) by jmorris on Friday April 21 2017, @07:34PM (1 child)
If they fully monetized the plant, why are they bitchin'? My point is if they weren't planning on their assets in the country eventually being seized they are idiots. Either way, no sympathy warranted. It wasn't a case of a risk of it, it was a question of when. Seizing the means of production is what socialism is, it is right there on the tin as a bullet point. If you stay it is because you are cool with that.
(Score: 0) by Anonymous Coward on Saturday April 22 2017, @01:13AM
"Seizing the means of production is what socialism is"
A plant that hasn't made cars since 2015 without a supply chain isn't a means of production.
To make it a useful plant will require outside help, which this move won't exactly encourage.
GM certainly knew what they were doing, but I'm not so sure if the Socialists did.