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.”
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