Massive Tk543cr liabilities very normal, claims Evaly

Controversial online shopping mall Evaly said its total liabilities standing about Tk 543 crore is ‘absolutely normal’ and ‘acceptable’.

Evaly put its remark in a letter sent to the commerce ministry a few days ago.

The Business Insider Bangladesh obtained a copy of the letter where the online store said they owe merchants---who supplied goods to the clients of the company--- nearly Tk 206 crore.

In the letter, Evaly said their total liabilities stood nearly Tk 543 crore as of July 15 this year. Of which, they owe the merchants Tk 206 crore and clients Tk 311 crore, respectively.

It said merchants have made 15-20 percent profit by supplying goods to Evaly clients at a time when their businesses were hit hard by the ongoing spread of the Covid-19.

It said ‘credit facility’ is a normal concept in any business and it has been there for years. All suppliers enjoy a credit facility deal with Evaly.

After being bombarded with complaints from hundreds of customers, the commerce ministry on July 19 asked Evaly to submit a report by August 15 to the ministry describing their total assets and liabilities.

The online company, however, sought an extension until September 1, for presenting the report.

Meanwhile, the Anti-Corruption Commission imposed a travel ban on Evaly Chairman Shamima Nasrin and its Managing Director Mohammad Rassel as they launched an inquiry into an allegation of embezzling Tk 338.62 crore.