Detroit Bureau on Twitter

Posts Tagged ‘venezuela seizes gm plant’

Venezuelan Government Seizes GM Plant as Economy Melts Down

“Illegal seizure” comes amidst growing protests over political, consumer morass.

by on Apr.20, 2017

The GM plant in Valencia employs 2,678.

General Motors has accused the Venezuelan government of an “illegal judicial seizure of its assets” and vowed to “take all legal actions” to regain control of its plant in the city of Valencia.

The unexpected move by the embattled government of Venezuelan President Nicolas Maduro is the latest in a series of moves meant to nationalize foreign-owned assets first started by former President Hugo Chavez. It comes as hundreds of thousands of citizens have been taking to the streets to protest what opposition leaders have described as an increasingly “dictatorial” situation.

Global News!

“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,” GM said in a statement.

(more…)