Holland Car Plc, the first car assembly in Ethiopia has filed for bankruptcy, according to The Ethiopian Reporter. The company that started its assembly plant on a 20,000-sq.m plant near Mojo, was working on such car brands as Docc, Abay, Shebelle, Awash Executive, Abay Executive, Imay, Tekeze and Ahadu (trailer bus).

Foreign currency crunch, devaluation of the birr against the dollar, the rising inflation and other steep expenses including rent were given as main reasons for the company’s bankruptcy. The company’s founder and general manager, Tadesse Tessema said that the stakeholders from the transport sector are not interested to work with us on public transportation and that’s how we incurred our biggest loss.

The company currently employees about 100 workers.