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 ...
Yes, according to her, all the Venezuelan government did was "socialize" the GM factories.
I run the Nut-Job Conspiracy Theory ping list.
Trust me, Everything is a plot and a conspiracy theory. The only thing that keeps us safe is they are all at cross purposes and null each other out!
That!
Live by the Socalist Sword, Die by the Socalist Sword.
Well, after the ascension of the Communists they have had enough years to employ Dagny Taggart's "San Sebastian Line" tactic of hollowing out the plant and leaving it appearing to be functional but with nothing of value inside left to be looted.
That they didn't indicates that they were receiving assurances from the Obama Administration that such a seizure would never happen.
Well, that’s a few hundred more jobs moving back to the US. Hate to blame the victim, but I can’t really muster too much sympathy for GM.
‘El Universal reported the seizure is likely related to a lawsuit against the company filed by a former landowner in Maracaibo.’ (from Breitbart article)
Well it’s either socialism or feudalism or maybe both!
WAIT! WAIT! WAIT! WAIT!
Here’s the punchline, appropriately, the last sentence of the article:
“Shares of General Motors Co. rose slightly in premarket trading.”
Ok, that was funny. Thanks!
:-D
So the Chavistas think they know how to build cars?
They, like their American professorial counterparts, think they know everything!
Citgo here should be awarded to GM.
Too bad GM never heard of Cuba and history. Socialist states seize private property.
I troll at the DUmp occasionally. Whenever something absurd is happening in Venezuela, they manage to do enough mental gymnastics to blame it on something other than the obvious.
I hope not. I don’t mind sending in arms and motivated and trained Venezuelans, but until their people finally have enough with socialism/communist dictatorships, we need to not have any direct dealings.
I have dumb questions:
Will parts suppliers (some of them likely GM affiliated) keep supplying this plant?
When the models change next year, will GM provide the intellectual property to change this plant.
IOW, this isn’t like seizing a mine or something like that...car production is pretty complicated. How could the Venezuelan government keep it running, unless GM goes along with it?
Final question - will the cars from this plant be sold on the car lot as a GM brand?
“This is the risk they take when they do business in “questionable” countries.”
For bondholders, the US is a questionable country.
Reminds me of when CASTRO seized American assets, refineries and such, in Cuba, back in the early 1960s.
He had before gone on the ED SULLIVAN SHOW to claim he was NOT a Communist.
Surprise, surprise! He WAS a commie.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.