GM Shuts Down Venezuela Operation After Authorities Seized Its Plant


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(RTTNews.com) - General Motors Venezolana said Thursday that it was forced to cease operations in Venezuela due to an illegal judicial seizure of its assets.

On Wednesday, General Motors Venezolan or GMV said its 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 seizure was granted and enforced in total disregard of GMV's right to due process, causing irreparable damage to the company, its 2,678 workers, its 79 dealers , and to its suppliers.

GMV 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.

The company noted that it is confident that justice will eventually be served, and looks forward to continue leading the Venezuelan market. In the meantime, GMV, through its dealers, will continue to provide aftermarket service and parts for its customers.

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This article appears in: Stocks , World Markets , Politics
Referenced Symbols: GM


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