General Motors says Venezuela illegally seizes vehicle plant and assets
General Motors says it will take all legal actions against the leftist-led country, whose economic crisis has hurt many other US companies
Caracas — General Motors (GM) shut its operations in Venezuela on Thursday, after its plant was seized by the authorities and vehicles were taken from the facilities. GM on Wednesday said 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 riled many US companies. "Yesterday, the 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. The Detroit-based vehicle maker said it "strongly rejects the arbitrary measures taken by the authorities and will vigorously take all legal actio...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.