The Development Bank of Ethiopia (DBE) said it has repossessed Ayka Addis Textile and Investment Group Plc from Turkish investors.

Kifle Haileyesus, Communication Director of DBE said that the company has failed to pay back its bank loan.

The bank said it has made “all in its capacity” to support the textile company. But its owners failed to run it, Kifle said.

All employees hired by the company are still at work in the company, located 20km west of Addis Abeba in Alemgena town. (Daily Monitor)