GM HALTS OPERATIONS IN VENEZUELA AFTER FACTORY IS SEIZED

[4/20/17]  General Motors has stopped doing business in Venezuela after authorities took control of a factory in what GM called an illegal judicial seizure of its assets.

The plant was confiscated on Wednesday as anti-government protesters clashed with authorities in a country that is roiling in economic troubles such as food shortages and triple-digit inflation.

The Detroit automaker said in a statement Thursday that other assets such as vehicles were taken from the plant, causing irreparable damage to the company.

GM says the plant was taken in disregard of its right to due process. The company says it will defend itself legally and that it’s confident that justice eventually will prevail.