GE Appeals Arrest Order
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General Electric Co. appealed a ruling by a Peruvian court for the arrest of 23 executives, including Chief Executive Jeffrey Immelt and his predecessor, Jack Welch.
Peruvian Judge Cesar Herrera issued the warrant for the arrest and embargo of the assets of the executives as part of a breach-of-contract lawsuit filed in 2003 by former GE distributor Guillermo Gonzales.
“GE is using all the legal means of defense at its disposal to ensure the freedom and safety of its executives and the company’s prestige in the country and worldwide,” Fairfield, Conn.-based GE said Tuesday. “GE is confident this situation will be quickly solved without affecting the investor climate in Peru.”
Gonzales said Tuesday in Lima that he invested $10 million in offices and an assembly plant as GE’s distributor from 1991 to 1998 on assurances that he would continue to distribute GE’s appliances in Peru.
In 1998, GE awarded its Peruvian distribution concession to Mexico City-based Controladora Mabe, Latin America’s largest home appliance maker.
“I never dreamed GE executives would lie to me,” Gonzales said. “I considered them my friends. The case shouldn’t have had to come to this.”
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