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GM faces hard road getting compensated for Venezuela factory
ABC News ^ | Apr 20, 2017 | tom krisher and joshua goodman

Posted on 04/21/2017 9:52:29 AM PDT by detective

General Motors became the latest corporation to have a factory or other asset seized by the government of Venezuela, and the Detroit automaker faces an uphill battle to recover any damages.

GM said Thursday that its only factory in Venezuela was confiscated a day earlier, as anti-government protesters clashed with authorities in a country that is roiled by economic troubles. GM said assets such as vehicles were taken from the plant, causing the company irreparable damage.

(Excerpt) Read more at abcnews.go.com ...


TOPICS: Crime/Corruption; Foreign Affairs
KEYWORDS: gm; venezuela
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"GM's factory in the industrial city of Valencia did not produce a single vehicle last year. Nationwide, car makers assembled just 2,849 cars in 2016, from a peak of 172,218 in 2007."
1 posted on 04/21/2017 9:52:29 AM PDT by detective
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To: detective

GM’s former bondholders have the same problem.


2 posted on 04/21/2017 9:54:53 AM PDT by alternatives? (Why have an army if there are no borders?)
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To: detective

3 posted on 04/21/2017 9:55:42 AM PDT by Red Badger (Profanity is the sound of an ignorant mind trying to express itself.............)
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To: detective

Reminds me of when Castro and his boys in Cuba seized American owned property in Cuba after their communist revolution there.

Off topic but when Obama started this reaching out to Cuba, was there any negotiation related to how Cuba siezed american property without compensation all those years ago?


4 posted on 04/21/2017 9:56:34 AM PDT by Dilbert San Diego
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To: detective

Well, that’s a shame, but a risk you take when building factories in foreign countries.


5 posted on 04/21/2017 9:57:37 AM PDT by Wolfie
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To: detective

GM shouldn’t concern themselves. Just pass the loss onto their customers same as all other businesses do.


6 posted on 04/21/2017 10:01:01 AM PDT by bgill (CDC site, "We don't know how people are infected with Ebola")
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To: detective

I fault Gummint Motors for not seeing the hand writing on the wall a lot earlier than this and moving its operation out of Venezuela before confiscation or as much as they could get out before the move itself triggered expropriation.


7 posted on 04/21/2017 10:03:30 AM PDT by arthurus
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To: Wolfie
a risk you take when building factories in foreign countries.

Or leaving them there when a commie takes over.

8 posted on 04/21/2017 10:04:53 AM PDT by arthurus
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Fuqum


9 posted on 04/21/2017 10:04:57 AM PDT by dsrtsage (One half of all people have below average IQ. In the US the number is 54%fe)
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To: detective

Venezuela seized it. Stole it. Took it. The guy is a communist.
Communists hate private property. Look to a person’s ideology to find out what he will do.


10 posted on 04/21/2017 10:07:11 AM PDT by I want the USA back (Islam, not a religion, primarily a totalitarian political ideology aiming for world domination.)
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To: Wolfie; All

Yup, and GM should have ceased operations and minimized risk and exposure a year ago when Venezuela started it spiral down the toilet.


11 posted on 04/21/2017 10:12:21 AM PDT by Cobra64 (Common sense isn't common any more.)
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To: detective

They should have sold the plant years ago. Nothing happening you couldn’t predict. If they felt the need to stay and hope to recoup losses than its their own problem.


12 posted on 04/21/2017 10:14:30 AM PDT by wiggen (#JeSuisCharlie)
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To: detective

Perhaps they expect the Venezuelan tax payers to bail them out for failed business operations.


13 posted on 04/21/2017 10:17:00 AM PDT by Organic Panic (Flinging poo is not a valid argument)
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To: Dilbert San Diego
Off topic but when Obama started this reaching out to Cuba, was there any negotiation related to how Cuba siezed american property without compensation all those years ago?

I expect that Obama would be asking for tips on how to do more of the same.

14 posted on 04/21/2017 10:27:33 AM PDT by KarlInOhio (a government contract becomes virtually a substitute for intellectual curiosity - Pres. Eisenhower)
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To: Red Badger

That ain’t a badger. I know, because I have tried to hunt them to extinction on my property.


15 posted on 04/21/2017 10:41:52 AM PDT by Neoliberalnot (Marxism works well only with the uneducated and the unarmed)
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To: alternatives?

I haven’t bought a GM product since the African muslim delivered tax money to GM’s union criminals and stole 90% of bondholder equity.


16 posted on 04/21/2017 10:43:42 AM PDT by Neoliberalnot (Marxism works well only with the uneducated and the unarmed)
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To: detective

If I remember right, China did the same thing to them in the ‘90s and they never learned their lesson. Just keep trusting Communists. Yep.


17 posted on 04/21/2017 10:48:59 AM PDT by \/\/ayne (I regret that I have but one subscription cancellation notice to give to my local newspaper.)
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To: Neoliberalnot

My cousin................


18 posted on 04/21/2017 10:49:09 AM PDT by Red Badger (Profanity is the sound of an ignorant mind trying to express itself.............)
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To: detective

It’s a shame a worker with some foresight couldn’t have burned the place to the ground. Infuriating that they can just take it without consequences.


19 posted on 04/21/2017 10:50:15 AM PDT by monkeybrau
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To: Neoliberalnot

20 posted on 04/21/2017 10:51:09 AM PDT by Red Badger (Profanity is the sound of an ignorant mind trying to express itself.............)
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