A court in Venezolana 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.
Automakers, including GM, Ford and Fiat Chrysler Automobiles have struggled to make money in Venezuela in recent years as the economy has weakened and political instability has risen.
What would American companies in Mexico or China, or elsewhere do in this situation? Like Trump says, Americanism vs Globalization.
GMV called the act “improper, absurd, outside of legal logic and due process.” Read more here.
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