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Friday, 21 April 2017 07:00

GM Shuts Down Venezuela Plant After Government Seizure

Written by  Mary Chastain

The closure has cost thousands of jobs as people protest against the socialist government.

General Motors has closed down its Venezuela plant after the socialist country seized the plant on Wednesday. Officials swiped the company’s “production facilities and car stock,” which forced GM to lay off 2,700 workers.

The closure comes only a day after Venezuela erupted in more protests that have left at least three dead. President Nicolas Maduro’s policies have left people jobless and without food.

Bloomberg reported:

GM’s factory was “unexpectedly taken by the public authorities, preventing normal operations,” according to an emailed statement. The Detroit-based automaker 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 plant shutdown took place as protesters flooded the capital city of Caracas in the biggest show of opposition to President Nicolas Maduro’s government in months. The auto industry has collapsed, with sales plunging 92 percent in March, as a shortage of dollars has pushed new car prices beyond the means of all but the wealthiest Venezuelans.

GM has suffered a production downfall due the inability to “obtain hard currency to import car parts” since Venezuela has such strict currency controls.

Read more at LegalInsurrection

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The USA will welcome GM back.
GM can't provide food only cars. They should sue the government for taking over. Any materials or parts that are recoverable should be shipped home immediately.
This country is only going to get worse. It is best that GM gets out now .

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Let's see now. The country of Venezuela is having shortages of everything from toilet paper to food & medicine & they have now stolen from GM, the GM plant as well as all of the vehicle & parts inventory. This theft of businesses is just the latest one in a long line of theft committed by the Venezuelan gubment. I wonder why?
Could it be because they are a Socialist (bordering on Communist) gubment & they are starting to learn that Socialism does not work anywhere it is tried? Could Bernie & his band of merry little anarchist followers learn from this? I doubt it because a good little Socialist leftist does not allow any new ideas to enter his head if that new idea contradicts with all the BS that is already there.

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Shirley Henderson Written by Shirley Henderson
April 21, 2017
Larry you are spot on!! Took all the guns from their citizens and now want to control and do away with any one that doesn't sing the same tune they do..Wake up America and please stay awake and vigilant speaking out on this.
In reply to an earlier comment

Larry Reade Written by Larry Reade
April 21, 2017
Thank you, Shirley. There is certainly a big push on in this country by the leftists to force us farther & farther to the Socialist left. I think, in their twisted little minds, they really believe that, if controlled by the "correct" people (them) that they can make Socialism work & become the "heaven" on earth they think it is.
Fight them every chance you get, my friends, or they will destroy our country just like the leftists have destroyed numerous other countries.

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