"I am the Way, the Truth, and the Life"

Father God, thank you for the love of the truth you have given me. Please bless me with the wisdom, knowledge and discernment needed to always present the truth in an attitude of grace and love. Use this blog and Northwoods Ministries for your glory. Help us all to read and to study Your Word without preconceived notions, but rather, let scripture interpret scripture in the presence of the Holy Spirit. All praise to our Lord and Saviour Jesus Christ.

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Thursday, April 20, 2017

GM's Venezuela Plant, Assets Seized by Authorities

In the middle of an economic melt-down, putting several hundred people out of work would seem to be the last thing this country needs
By Andrew V. Pestano 

General Motors Venezolana, C.A., or GMV, said its plant in the city of Valencia as well as its assets have been seized by authorities. The company called the act "improper, absurd, outside of legal logic and due process." Photo courtesy General Motors Venezolana, C.A.

UPI -- General Motors said it has ceased all operations in Venezuela after authorities unexpectedly seized its plant in the city of Valencia.

A court in the Zulia state said it imposed a broad embargo on the assets of General Motors Venezolana, C.A., or GMV, which has been in operation for nearly seven decades. GMV said authorities seized its plant Wednesday afternoon and that its associated bank accounts likely are also out of its control, meaning the company cannot make payments, such as employee wages.

GMV called the act "improper, absurd, outside of legal logic and due process."

"GMV is taking all legal measures within its reach in order to protect the rights of its workers and their property," the company said in a statement.

The company called on workers, suppliers, dealers and external operators to refrain from reporting to work at the plant or other jobs until the court ruling is reversed.

El Universal reported the seizure is likely related to a lawsuit against the company filed by a former landowner in Maracaibo.