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The Liquidity Supervision Commission of Holland Car Plc. (HC) disclosed that it will float the company for foreclosure in the coming few weeks. The Founder and General Manager of Holland Car, Tadesse Tessema (Eng.), who returned to Ethiopia on May 12 after the government granted him immunity, went back to the Netherlands, but said he will be back within few weeks.

At a press conference held on Friday July 24, the commission recalled that the Federal High Court Lideta Civil Bench had given a green light to foreclose the company to settle claims of creditors that include the Ethiopian Revenue and Customs Authority (ERCA), employees and car buyers.

The commission that was assigned by the court and led by Assefa Ali stated that it has passed several ups and downs to settle the claims.

The pioneer car assembler that declared bankruptcy two and half years ago will be sold in one whole package or in segregated auctions.

The commission expressed its desire to sale assets of the company in full package.

The commission was getting ready to foreclose the company in May, when the auction was banned by a court order a day before the auctioning day after the company’s general manger appealed to the court. The general manager argued that the minimum auction price listed would create a conflict of interest. The commission had planned to have the auction at Zemen Bank headquarters, a major creditor of HC, who also claimed millions of birr from the company.

However, two weeks ago the court lifted the auctioning ban passed on the commission. Assefa said that the commission wants to undertake the auction at Zemen Bank premise as no charges are asked for the venue.

“We have a right to undertake the auction at any place,” Assefa said.

The commission members stated that eight bidders had bought the bid document to participate in the previously banned auction.

The commission had tried to get the court to impose travel ban on the manager when he came back to the country. The court, nevertheless, accepted Tadesse’s argument that he has to move freely to facilitate  the business if stakeholders had accepted his recovery plan.

“Immediately after stakeholders’ declined to accept the recovery plan, we asked the court to impose a travel ban on the general manager. But the judge who presides over the case is out of the office,” the commission members said.

Tadesse, who left to the Netherlands on Saturday July 18, via telephone from Holland said, “I went back to Netherlands to have a word with a shareholder and partner about the future moves.” “I will also travel to China to meet partners there,” he added.  He said that he will return back to Ethiopia in few weeks.

Estimates of the company’s asset by an independent body is calculated to be worth over 80 million birr, while the company’s debt is over 83 million birr. Totally, 326 individuals and bodies claimed for payment from the company, 73 of them employees of the company.

Members of the liquidity commission have also stated that the company has to be dissolved as soon as possible to prevent further depreciation of the assists and as the assembly plant that is collected at Mojo is affected by robbery.

The commission said that 610 car rims have been stolen. “We have filed our claim at the area security forces office,” the commission members said.

According to the commission, currently, ten legal cases related with the company are pending in court. 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.

 

During the ten years it was active in business, Holland Car had made a name for its Abay, Tekeze, Naomi and Awash automobile brandsn