GM says Venezuela has seized its car plant

[Spike]

General Motors says it will immediately halt operations in Venezuela after its plant in the country was unexpectedly seized by authorities.

GM (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.

http://money.cnn.com/2017/04/20/news/gm-venezuela-plant-seized/

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General Motors has learned the first lesson of dealing with Communists....everything you own is theirs


We should seize all CITGOs immediately!

 

[MT~Forged]

Serves them right, moved there for the low wages. Now they lose everything, that my friend is karma

 

[Tim Steelersfan]

Socialism on fine display. Don't expect any Bernie-bots to come here touting the success that is Venezuela.

 

[MT~Forged]

Socialism on fine display. Don't expect any Bernie-bots to come here touting the success that is Venezuela.

They will be along to say the only reason it is not working is because it is not DEMOCRATIC Socialism. If only they had employed Democratic Socialism, everything would be roses and rainbows. They just needed to follow the teachings of Bernie Sanders, and this would not have happened.

 

[CharlesDavenport]

I will go out on a limb here and say that this administration will provide incentives that will make abandoning that plant not so bad.

 

[SteelChip]

They will be along to say the only reason it is not working is because it is not DEMOCRATIC Socialism. If only they had employed Democratic Socialism, everything would be roses and rainbows. They just needed to follow the teachings of Bernie Sanders, and this would not have happened.

 

[Ron Burgundy]

Seizing foreign assets worked so well for Cuba.

 

[DBS1970]

Seizing foreign assets worked so well for Cuba.

And they got all those mid 50s American cars with Kerosene carburetors.