GM Halts Operations in Venezuela after Factory is Seized

GM Halts Operations in Venezuela after Factory is Seized Photo: AP/ File

April 20, 2017 07:01 AM

General Motors says it has halted operations in Venezuela after authorities seized a factory.
The plant was confiscated on Wednesday in what GM called an illegal judicial seizure of its assets.
The Detroit automaker says in a statement Thursday that other assets such as vehicles were taken from the plant, causing irreparable damage.
GM says the plant was taken in disregard of its right to due process. The company says it will defend itself legally and it's confident that justice eventually will prevail.
GM has about 2,700 workers in the troubled country, where it's been the market leader for over 35 years.
Venezuela has been rocked in recent days by violent protests of government policies as well as food shortages and triple-digit inflation.

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(Copyright 2017 by The Associated Press. All Rights Reserved.)