General Motors Quits Venezuela After Officials Seize Plant
http://www.nbcnews.com/news/world/general-motors-says-venezuelan-officials-illegally-seize-plant-n748741APR 20 2017
General Motors said Wednesday it has been forced to stop operating in Venezuela after one of its plants was illegally seized by local authorities.
The seizure, in the country's industrial hub of Valencia, comes amid a deepening economic and political crisis that has sparked weeks of deadly street protests.
General Motors Venezolana, GM's local subsidiary, did not provide any details about the seizure, other than to say the facility "was unexpectedly taken by authorities, preventing normal operations." It said other assets, "such as vehicles," had also been stripped from the site.
The company said it "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."
Venezuela's Information Ministry did not immediately comment, according to Reuters.
Announcing "immediate cessation of its operations in the country," GM accused local officials of causing "irreparable damage" to the company and its 2,678 workers and 79 dealers in the country. GM said it would pay separation benefits "as far as the authorities permit."...