GM says Venezuela has seized its car plant
.
Seems some sort of Automotive Inequality is at play.
Everyone ought to have a Corvette or a Cadillac, right ?
The Socialist(1) government may have some surprises !
source CNN Money
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
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
Seems some sort of Automotive Inequality is at play.
Everyone ought to have a Corvette or a Cadillac, right ?
The Socialist(1) government may have some surprises !
(1)The governing United Socialist Party of Venezuela (Partido Socialista Unido de Venezuela, PSUV) was created in 2007, uniting a number of smaller parties supporting Hugo Chávez's Bolivarian Revolution with Chávez's Fifth Republic Movement.
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