First News
Volume:7, Number:43
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Business & Finance 2
THIS WEEK

General Motors Quits Venezuela After Government Seizes Its Factory

General Motors announced on April 20 that it was shuttering its operations in Venezuela after authorities seized its factory in the country, a move that could draw the Trump administration into the escalating chaos engulfing the South American nation amid days of deadly protests. The plant in the industrial city of Valencia was confiscated on April 19 as anti-government protesters clashed with security forces and pro-government groups in a country battered by economic troubles, including food shortages and triple-digit inflation. The seizure arose from an almost 20-year-old lawsuit brought by a former GM dealership in western Venezuela. The dealership had been seeking damages from GM the equivalent of about USD665 million at the official exchange rate, or USD115 million on the black market where many Venezuelans are forced to turn to sell their increasingly worthless currency. GM said it was notified this week that a low-level court ordered the seizure of its plant, bank accounts, and other assets in the country.

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