Holland car as the pioneer in the automotive industry was established in 2005, since that time we have been assembling cars in Ethiopia. During life time of Holland car, Holland car has achieved a lot. But due to circumstances as has been described in the press release November 2012 Holland car was forced to stop assembling cars in Ethiopia.

Since the announcement of bankruptcy in November 2012 a lot of rumor and false information has been spread intentionally by different individuals and organizations. Until now we have not been able to tell our side of story, most of the story in the media has been one sided and not balanced.

We think the customers of Holland car and other people who have interest in Holland car has to know our part of the story.
In this story by using e-mail correspondence, audio conversation, letter correspondence between Holland car and zemen bank and the customer committee we would like to tell the story from our side what really happened for the period between may 2012 and November 2012. The reality is that Holland car has invested for the last one and half year by mortgaging of all its assets 22,000,000.00 (Twenty two million birr). to solve the problem. This money have been given as a loan from zemen bank and the expenditure was managed by crediet department of zemen bank. Every cent has been spent to the customers.

The main reason for the problem for the failure has been that the bank was not willing to extend the LC payment for four months. To solve the problem extending of the lc payment for four months was enough based on the calculation made by zemen bank himself, we did not ask any cash only to extend the LC payment. Immediate claiming of the lc money has brought the company in a difficult position. Even that time everybody knew that the bank was going to lose huge amount of money, which is happening now. Current estimate of the loss of the bank exceeds 60,000,000.00 birr. We still don't understand why the bank has taken this kind of risk, even though we have our own thought we think one day we will know the reason.

I would like to confirm that even now we are working on a solution for the customers we think that the customer can and must not suffer of this situation. Three month ago we had submitted a proposal to the new customer committee for a possible solution, but till now we did not get any reply from the committee, with or without the committee we are committed to find acceptable solution for the customer, because it is our strong believe that the customers need to be compensated.

We think that the only way out is by discussion between Holland car and the customer. Right from the beginning we have been open for any possible solution and suggestion.

My last word is TOGETHER CUSTOMERS AND HOLLAND CAR CAN SOLVE THE PROBLEM INDIVIDUALLY IT WILL BE VERY DIFFICULT TO SOLVE IT

God Bless Ethiopia

Eng. T. Tessema