GM’s Venezuela fac­tory seized

Times Colonist - - Business -

DETROIT — Gen­eral Motors has stopped do­ing busi­ness in Venezuela af­ter au­thor­i­ties took con­trol of a fac­tory in what GM called an il­le­gal ju­di­cial seizure of its as­sets. The plant was con­fis­cated on Wed­nes­day as antigov­ern­ment pro­test­ers clashed with au­thor­i­ties in a coun­try that is roil­ing in eco­nomic trou­bles such as food short­ages and triple-digit in­fla­tion. The Detroit au­tomaker said other as­sets such as ve­hi­cles were taken from the plant, caus­ing ir­repara­ble dam­age to the com­pany. GM said the plant was taken in dis­re­gard of its right to due process. The com­pany said it will de­fend it­self legally. GM has 2,700 work­ers in the trou­bled coun­try, where it’s been the mar­ket leader for more than 35 years.

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