The Globe and Mail reports in its Friday, April 21, edition that General Motors became the
latest corporation to have a factory
or other assets seized by
the government of Venezuela.
An Associated Press dispatch to The Globe reports that GM said on Thursday 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.
The seizure is the latest in a
long string of government confiscations
of factories and other
assets that have been a staple of
the so-called 21st century socialist
revolution in Venezuela started
by the late Hugo Chavez two
decades ago. Venezuela is currently
fighting claims of illegal
asset seizures at a World Bank-sponsored
arbitration panel
from more than 25 companies.
Auto production in Venezuela
has nearly ground to a halt
amid the country's economic
collapse. GM's factory
in the industrial city of Valencia
has not produced a single car
since 2015.
GM has about 2,700 workers in
Venezuela, where it has been the
market leader for more than 35
years.
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