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TMCNet: GM says no U.S. taxpayers' money going to Brazil operation

[February 09, 2009]

GM says no U.S. taxpayers' money going to Brazil operation

(EFE Ingles Via Acquire Media NewsEdge) Sao Paulo, Feb 9 (EFE).- General Motors categorically denied on Monday that $1 billion of the money the giant automaker received from the U.S. government will fund an expansion of GM's activities in Brazil.

"The claims that General Motors is planning to invest $1 billion of U.S. federal aid money in its Brazilian operations are unequivocally wrong and without any basis in fact," the company said in a statement sent to Efe.

"No monies from a U.S. government loan would be allocated to investments in Brazil," General Motors said. "In the case of Brazil, GM has $1 billion in investments that have been announced over the last two years. These investments are fully financed by GM's Brazilian operations through local sources."

"GM's operations in Brazil are fully self-funded," the statement said.

Last November, Brazilian business daily Gazeta Mercantil cited General Motors do Brasil President Jaime Ardila as saying that the $1 billion to be invested in GM's operations in the giant South American country would be generated by GM do Brasil.

But an error in translation led several media outlets to say that the expansion of GM do Brasil would be financed using some of the aid General Motors was expecting to receive from the U.S. government.

The U.S. Congress voted in December to provide financial assistance to GM. EFE

jcr/dr

Copyright ? 2009 EFE News Services (U.S.) Inc.

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