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General Motors Company
Symbol C : GMM.U
Shares Issued 1,500,039,985
Close 2017-04-20 U$ 34.50
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Globe/AP say General Motors assets in Venezuela seized

2017-04-21 07:16 ET - In the News

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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