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Dhaka Tribune

Evaly has 25C of goods against 1,000C debt

It has 2,659 items worth Tk16 crore at Pink City warehouse and 1,736 items worth Tk9 crore in its Baliapur warehouse

Update : 02 Jul 2022, 05:57 PM

Controversial e-commerce platform Evaly currently has products worth Tk25 crore in two warehouses in Savar – against its liabilities to customers and merchants of Tk1,000 crore. 

It has 2,659 items worth Tk16 crore at Pink City warehouse and 1,736 items worth Tk9 crore in its Baliapur warehouse.

Besides, the company has Tk25 crore in cash at the payment gateway.

This information was disclosed at a press conference of Evaly board members on Friday (1 July).

With the asset and money remaining, it is quite impossible for the company to meet the arrears of clients and merchants, said the board members.

Recently, the company's Chairman Shamima Nasrin, currently on bail, and imprisoned Managing Director Mohammad Russel informed the High Court that they would find investors to meet the client's debt.

On September 15 last year, an Evaly customer filed a case with Gulshan Police Station against Mohammad Rassel and his wife Shamima Nasrin, erstwhile chairman of Evaly, on allegations of fraud and embezzlement.

The Rapid Action Battalion (RAB) arrested Rassel and his wife Shamima Nasrin in a raid of their residence in the capital's Mohammadpur area the day after the case was filed.

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Password missing

The company used Amazon Web Services for its server and Amazon does not allow any password recovery, while Evaly founders have been claiming that they cannot recall the password that was "written in a black diary" found nowhere, said directors of Evaly's interim board appointed by the High Court.

At a press conference on Friday in the Evaly office at Dhanmondi, Dhaka, they said, "Even engaging the most capable offices and agencies of the country, we could not secure access to the Evaly server."

Some Tk25 crore of customer advances are stuck in the online payment gateways, and Evaly bank accounts are empty, said Mahbub Kabir Milon, a former bureaucrat serving as Evaly managing director right now.

Against the perceived liabilities, Evaly's Tk50 crore tangible assets are a drop in the ocean, said Evaly Chairman Justice Shamsuddin Chowdhury Manik.

"We are working hard so that Evaly's liquidation can be averted," said Justice Shamsuddin, adding that the business would need fresh investment for that and its detained founder and managing director Mohammad Rassel expressed his written hope in this regard before the court.

However, auditor Hoda Vasi Chowdhury & Co Chartered Accountants, aggregating all the transaction data, is trying to assess Evaly's financial picture and the audit report is expected to be finalised by the end of July.

Evaly had lured in customers by offering huge discounts on various products, including cars and motorcycles, and did not deliver. It had also not paid its merchants and suppliers. 

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