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General Motors: Venezuela seized our car plant
And the country continues to spiral out of control.
General Motors: Venezuela seized our car plant
General Motors announced Thursday that it is immediately pulling out of Venezuela, saying that authorities there seized its car plant.“[GM] strongly rejects the arbitrary measures taken by the authorities and will vigorously take all legal actions, within and outside Venezuela, to defend its rights,” the car giant said in a statement, according to CNN Money.
The alleged seizure comes as Venezuela faces long-standing political and economic turmoil. GM said the “illegal judicial seizure of its assets” by Venezuelan officials included cars from company facilities there.The automaker added that the seizure of General Motors Venezolana, its Venezuelan subsidiary, shows a “total disregard” of its legal rights.CNN Money said GM Venezolana has operated in Venezuela for 70 years, employing about 2,700 workers there.
GM, which has 79 car dealerships in Venezuela, also promised it would make “separation payments” to Venezolana employees following the reported seizure.CNN Money said it is unclear why Venezuelan authorities took over the plant, but noted Venezuelan President Nicolás Maduro has blamed the U.S. and its companies for his nation’s woes in the past.Venezuela’s economy shrank by 18 percent last year, the report continued, the third consecutive year of recession for the South American country.
“We hold these truths to be self-evident,” former vice president Biden said during a campaign event in Texas on Monday. "All men and women created by — you know, you know, the thing.”