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Old 04-20-2017, 12:06 PM
boston boston is offline
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Join Date: Dec 2004
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Default Venezula Siezes GM factory

http://finance.yahoo.com/news/genera...070823494.html

CARACAS (Reuters) - General Motors said on 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 already 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.
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