GM ceases operations in Venezuela

General Motors #Venezolana $GM is forced to cease operations in Venezuela after 60 years due to seizure of its assets. On Wednesday, GMV’s plant was unexpectedly taken by the public authorities, preventing normal

In addition, other assets of the company, such as vehicles, have been illegally taken from its facilities. The seizure was granted and enforced in total disregard of GMV’s right to due process, causing irreparable damage to the company, its 2,678 workers, its 79 dealers, and to its suppliers.

As a consequence, GMV announces the immediate cessation of its operations in the country, and ensures payment of the employees’ separation benefits arising from the termination of the employment relationships due to causes beyond the parties’ control. GMV strongly rejects the arbitrary measures taken by the authorities and will vigorously take all legal actions, within and outside of Venezuela, to defend its rights. The company is confident that justice will eventually be served, and looks forward to continue leading the Venezuelan market. In the meantime, GMV, through its dealers, will continue to provide aftermarket service and parts for its customers.

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