Evaly has 25C of assets against 1000C of debts

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Controversial e-commerce platform Evaly currently has products worth Tk 25 crore in two warehouses in Savar – against its debts to customers and traders of Tk 1,000 crore.

It has 2,659 items worth Tk 16 crore in the Pink City warehouse and 1,736 items worth Tk 9 crore in its Baliapur warehouse.

Also, the company has Tk 25 crore in cash on the payment gateway.

This information was disclosed during a press conference of members of Evaly’s board of directors on Friday July 1st.

With the remaining assets and cash, it is quite impossible for the company to meet the arrears of customers and merchants, the board members said.

Recently, the company’s chairman, Shamima Nasrin, currently out on bail, and imprisoned managing director, Mohammad Russel, informed the High Court that they would find investors to settle the client’s debt.

On September 15 last year, an Evaly client filed a complaint with Gulshan Police Station against Mohammad Rassel and his wife Shamima Nasrin, former chairman of Evaly, for allegations of fraud and embezzlement. .

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

Missing password

The company used Amazon Web Services for its server and Amazon doesn’t allow any password recovery, while Evaly’s founders claimed they couldn’t remember the password ‘written in a black diary’ found nowhere, the trustees of Evaly’s High Court-appointed interim board said.

At a Friday press conference at Evaly’s office in Dhanmondi, Dhaka, they said, “Even engaging the most competent offices and agencies in the country, we could not secure access to Evaly’s server.”

Some Tk25 crores of customer advances are stuck in online payment gateways, and Evaly’s bank accounts are empty, said Mahbub Kabir Milon, a former bureaucrat who is now managing director of Evaly.

Compared to perceived liabilities, the tangible assets of Evaly crore Tk50 are a drop in the ocean, said Evaly Chairman, Justice Shamsuddin Chowdhury Manik.

“We are working hard so Evaly’s liquidation can be averted,” Judge Shamsuddin said, adding that the company would need new investment for that and its founder and detained chief executive Mohammad Rassel expressed his hope in writing. respect in court.

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

Evaly had lured customers by offering huge discounts on various products, including cars and motorbikes, and failed to deliver. She had also failed to pay her merchants and suppliers.

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