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Dhaka Tribune

Evaly looks for FDI as Jamuna pulls out of investment

In a social media post, a Jamuna Group director says that he is also a victim of Evaly as 32 of his orders are still pending

Update : 07 Sep 2021, 01:56 PM

Jamuna Group has officially pulled out of investing in Evaly, leading the controversial digital marketplace to now look for funds from foreign investors instead. 

Although Jamuna Group had shown interest in investing in Evaly earlier, after analyzing the current status of its assets and liabilities, its business operation framework, and market perception, the group has decided to not invest in the platform anymore.

Jamuna Group Marketing, Sales, and Operations Director Mohammad Alamgir confirmed the matter to Dhaka Tribune on Tuesday. 

He made the official announcement through his Facebook page first in the afternoon, after making several posts regarding the matter over the last few days.

Jamuna Group focuses on conducting sustainable and constructive business and thus cannot risk the livelihood of millions of its employees as well as its reputation by investing insensibly without a proper review, Alamgir wrote in a Facebook post.

In his social media posts, he also said that he himself is a victim of Evaly as 32 of his orders are still pending.


Also Read- Evaly’s liabilities to merchants is over 205C



According to sources, the group had signed a memorandum of understanding with Evaly earlier but its audit and accounts departments were looking into Evaly's financial statements and other relevant documents.

Jamuna Group was supposed to buy a 51% stake in Evaly, the sources said, adding there were plans to invest Tk200 crore initially. 

Eventually, the group would invest Tk1,000 crore in multiple steps.

Previously, another director of Jamuna Group Monica Islam had told Bangla Tribune that the group would be backtracking from its decision from investing in Evaly.

However, she declined to comment on the matter on Tuesday, saying she was not the official spokesperson for this.

Evaly Managing Director Mohammad Rassel declined to comment on Jamuna Group’s decision, but told Dhaka Tribune that they are looking for foreign investments. 

He also said that they have been actively discussing business with several local investors and claimed their operations are running normally.


Also Read- Evaly begins layoffs, postpones salary


But in a recent internal meeting, he told employees that the company has no money except for funds received from the T-10 campaign, and that he would be unable to pay them.

According to several employees, Evaly had allegedly spent huge amounts of money on luxury office tours and gifts on several occasions, but that ultimately led the company to bleed so much money that it can no longer pay back customers or pay its employees.

There have also been rumours on social media of Saydon group investing in Evaly, but another top official of Evaly, on the condition of anonymity, said this was not true.

Mohammad Rassel and his wife Shamima Nasrin, the chairman of Evaly, were also sued recently for fraud and harassment by a customer due to pending deliveries.

The Anti-Corruption Commission is investigating allegations of embezzlement and money-laundering against the platform, while the Bangladesh Financial Intelligence Unit is looking into the accounts of the owners and the company.

On August 13, the Ministry of Commerce sent a letter to Evaly asking for information on its liabilities and assets, the amount of debt owed to customers and merchants and the plan to repay the debt. 

In response, the company said its business debt stood at Tk543 crore.

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