Posted on 04/20/2017 4:47:53 AM PDT by Ciaphas Cain
General Motors said on Wednesday that Venezuelan authorities had illegally seized its plant in the industrial hub of Valencia and vowed to "take all legal actions" to defend its rights.
The seizure comes amid a deepening economic crisis in leftist-led Venezuela that has already roiled many U.S. companies.
"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.
It said the seizure would cause irreparable damage to the company, its 2,678 workers, its 79 dealers and to its suppliers.
Venezuela's Information Ministry did not immediately respond to a request for information.
(Excerpt) Read more at dailysabah.com ...
Oh they’ll sue sue sue!
Where?
When the foundations are destroyed what can the righteous do?
And Zimbabwe in 2000.
But it’s for the children!
They drove their Chevy to the levee but it was dry and the music died... What a coda for Gummit Motors!
“unexpectedly”
Like that hadn’t been heard of over there!
Leftist Response: Its not Bernies form of socialism
GM will ‘vigorously’ take all available legal actions regarding seizure of assets in Venezuela—WSJ
I read this as “vigorously” means “not”.
Isn’t that the same form of gummit the DNC has been pushing for America the last 50 years?
They needed a scapegoat! For the chillun, er, bumbling and greedy crony commies.
Until I see evidence that GM paid its debt to those who had rightful claims to the old GM’s assets under contract law and bankruptcy law, I don’t care (much) whether they can find an accountant to claim that they have repaid the taxpayers. Stealing from the bondholders and others with claims to GM assets was a reprehensible and unforgivable act. The new GM is dead to me, whether or not they pay off the taxpayers who were forced to “loan” them money.
It was headed there in a handcart. Trump inherited the mess in the nick of time.
I hope you are kidding. I don’t care if that country descends into the pit of hell. It’s highest and best use should be to serve as a warning to others.
God will forgive but won’t ever excuse. Get it right or be destroyed for aye.
Same with '1984'.
There could be a revolution. In which case it could also serve as an example of hope.
My wife still has a strong relationship with the Venezuelan students that attended our local university. The stories are amazing.
I’d take refugees from Venezuela before I’d take a single one from the middle east. The difference is that this is not an islam thing. It’s good old fashioned political despot thing.
But no, I don’t think Trump should go in, other than to escort out the American citizens that are in the country with the clarification that once that is done, any that are left are there at their own risk.
FReepers, I ask every one of you to save the articles describing this matter. You’ll thank me later.
Because our lefty friends decry how “unfair” it is that some nations are rich and others are poor. It just seems so mean that some countries have more jobs, food, modern conveniences (like utilities) etc. while other nations have none of these things.
The legal protection of property is a requirement of prosperity & liberty, regardless of who owns it. If the protection of property is not enshrined in a nation’s laws, there is NO investment in the nation.
This guarantees poverty, and later, violence.
Venezuela is now at that later point.
Yes, the guys who approved the plant right after World War II were a bunch of idiots for not seeing more than 70 years in the future. /s
The guys that decided to leave it there have probably been sweating bullets for a long time. If they were smart, they have been reducing the risk over the years in preparation for this very event.
LOL!!!
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