General Motors said it has ceased all operations in Venezuela after authorities unexpectedly seized its plant in the city of Valencia.
A court in the Zulia state said it imposed a broad embargo on the assets of General Motors Venezolana, C.A., or GMV, which has been in operation for nearly seven decades. GMV said authorities seized its plant Wednesday afternoon and that its associated bank accounts likely are also out of its control, meaning the company cannot make payments, such as employee wages.
GMV called the act “improper, absurd, outside of legal logic and due process.”
“GMV is taking all legal measures within its reach in order to protect the rights of its workers and their property,” the company said in a statement.
The company called on workers, suppliers, dealers and external operators to refrain from reporting to work at the plant or other jobs until the court ruling is reversed.
El Universal reported the seizure is likely related to a lawsuit against the company filed by a former landowner in Maracaibo.
#1: Justified To: cranky (#0)
Any company in a communist country should have their CEO fired until they leave those places.
Justified posted on 2017-04-20 08:46:43 Reply Private Reply
#2: cranky To: Justified (#1)
Business is business.
And business is in business to do business whenever and wherever it can.
The profit motive is powerful indeed and seems to transcend politics and political borders.
cranky posted on 2017-04-20 08:54:30 Reply Private Reply
#3: Justified To: cranky (#2)
But you know communist are always looking for an excuse why they fail and its always the greedy companies. Then the companies are taxed to death or they get taken over by the state. So any company that invest there should have their head examined or CEO fired for losing the shareholders money.
Justified posted on 2017-04-20 09:10:50 Reply Private Reply
#4: cranky To: Justified (#3)
I always thought central planning and government ownership of business were hallmarks of communism.
cranky posted on 2017-04-20 10:34:53 Reply Private Reply
#5: Pinguinite To: Justified (#1)
Venezuela has only been communist for 5-10 years, and it seems GM has been there for 70, according to the article.
Pinguinite posted on 2017-04-20 11:24:45 Reply Private Reply