The General Manager and founder of Holland Car plc, Tadesse Tessema (Eng.) returned to Ethiopia on Tuesday May 12, evening after almost two years in the Netherlands.
On Wednesday, a day after his arrival, Tadesse told Capital that he is back to his country aiming to revive his business that was declared bankrupt. He said that hopes are seen to re-launch the assembly. However the company is expected to deliver the cars for clients who already paid, if it commences operation.
Sources told Capital that the general manager is back to his country following a guarantee from the Minister of Justice that he will not be tried.
Tadesse said that he will open his company with a six million birr capital injection.
Holland Car was closed down in late 2012 after it declared bankruptcy due to lack of finance.
Holland Car was established in 2005 through a joint venture between Tadesse Tessema and Trento Engineering, a Dutch company, with an initial capital of 11 million birr equally contributed by both shareholders to supply assembled vehicles for local and export markets. During the ten years it was active in business, Holland Car had made a name for its Abay, Tekeze, Naomi and Awash automobile brands.