General Motors said Wednesday that Venezuela’s government has illegally seized its manufacturing plan in Valencia.
General Motors Venezolana was taken unexpectedly by President Maduro’s despotic government.
Venezuela has been spiraling into chaos ever since it chose to follow Hugo Chavez into a form of dictatorial socialism.
U.S. firms have more than 20 arbitration cases against the Venezuelan government over similar seizures.
Ford motors chose to write off $800 million in assets in the country in 2015.
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Why the heck were you there? This isn’t the first business they’ve seized and it won’t be the last.
I don’t feel one bit sorry for GM! They left An American City High and dry – that looks an awful lot like the good neighborhoods in Venezuela (if such a thing exists) and deliberately placed their assets under a volatile government and Communism!
BOO-HOO-HOO!!