Originally Posted by
faceboy
I would add that their auditor probably made them do this.
They need to write it down to the lower of fair market value or net realizable value in accordance with US GAAP. Any U.S. company doing business in Venezuela would be subject to the same. Argentina is just as bad, and Brazil is pretty bad as well in terms of getting you're money out of the country. China is no piece of cake either. In all these cases the government has to approve the money transfer!