Irish Packaging Co. To Abandon Operations In Venezuela
Law360 (September 24, 2018, 4:35 PM EDT) -- Irish packaging maker Smurfit Kappa Group PLC on Monday said it has moved to deconsolidate its Venezuelan operations a month after ceding control of its subsidiary to the country's government, adding that it may pursue arbitration in order to secure compensation for its losses.
The announcement by Smurfit Kappa Group, or SKG, that it will abandon its operations comes after the Venezuelan government in August seized temporary control of the company's plant. Since then, the government has allegedly interfered in operations at the plant by carrying out unauthorized visits that are aimed at intimidating workers, and two employees have been arrested,...
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