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Bridging The Gap
GM says Venezuelan car plant is seized by government
  Thursday 20 April, 2017
GM says Venezuelan car plant is seized by government

General Motors has said its Venezuelan car plant has been seized by the government as political tension rises in the country.

Long-standing divisions in Venezuela have been brought to the fore by a deepening economic crisis.

GM said its Venezolana plant in the city of Valencia had been "unexpectedly taken by the public authorities".

The US car giant said it would "take all legal actions" to defend its interests.

It said other assets, including vehicles, had been taken from the plant in the industrial hub of Valencia, which is one of country's largest cities.

The car firm added that the seizure would cause irreparable damage to the company, its 2,678 workers, its 79 dealers and to its suppliers.

Venezuela's Information Ministry did not respond to a request for comment.

At least three people were killed in protests this week against the government of President Nicolas Maduro.

Venezuela's car industry has been hit by a lack of raw materials due to currency controls and stagnant local production.

Source: http://www.bbc.com/news/business-39654125

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