Venezuela Seizes GM Plant

Socialists gonna be socialists

GM (GM) described the takeover as an “illegal judicial seizure of its assets.”

The automaker said the seizure showed a “total disregard” of its legal rights. It said that authorities had removed assets including cars from company facilities.

“[GM] 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,” it said in a statement.

GM’s subsidiary in the country — General Motors Venezolana — has operated in Venezuela for nearly 70 years. It employs nearly 2,700 workers and has 79 dealers in the country. GM said it would make “separation payments” to its workers.