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GM halts operations in Venezuela after factory seized

General Motors says it will immediately halt operations in Venezuela after authorities took control of its only factory there in what GM called an illegal judicial seizure of its assets. "Yesterday, GMV's (General Motors Venezolana) plant was unexpectedly taken by the public authorities, preventing normal operations. In addition, other assets of the company, such as vehicles, have been illegally taken from its facilities," the company said in a statement, quoted by Reuters. GM said it is a huge hit on the plant’s 2,678 workers, its 79 dealers and to its suppliers. The seizure comes amid a deepening economic crisis in leftist-led Venezuela that has already roiled many U.S. companies. A massive protest against President Maduro Wednesday left three people dead.

Source: Inform News

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