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takyon writes:

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.

Original Submission

1. "takyon" - https://soylentnews.org/~takyon/
2. "GM" - http://money.cnn.com/quote/quote.html?symb=GMsource=story_quote_link
3. "severe economic crisis" - http://money.cnn.com/2017/04/18/news/economy/venezuela-economy-protests-imf/index.html?iid=EL
4. " President Hugo Chavez" - http://edition.cnn.com/2010/WORLD/americas/11/01/venezuela.nationalization/?iid=EL
5. "Original Submission" - https://soylentnews.org/submit.pl?op=viewsub&subid=19737

printed from SoylentNews, General Motors Ceases Auto Production in Venezuela Following Plant Seizure on 2024-04-25 11:40:33