Evaly's Total Debt Around Tk 544Cr

Evaly owes Tk 544 crore to its consumers and merchants, according to a top official from the commerce ministry.

Hafizur Rahman, an assistant secretary to the ministry and head of the e-commerce bureau said, the company has assets of roughly Tk 544 crore, both tangible and intangible.

Of the Tk 544 crore, the company claims it has Tk 105 crore intangible assets as of July 15 and the remaining amount as a brand value and other assets.

The e-commerce platform disclosed the details in documents submitted to the commerce ministry today in response to the ministry's show-cause notice, in which Evaly was asked to detail its liabilities to customers and merchants, as well as its assets, and explain how it planned to settle the liabilities.

Evaly can submit the details of their accounts and documents by September 2 as the commerce ministry allowed it to submit the documents in three phases.

Evaly did not show any plan of fresh investment in the first phase of the document, said Rahman, also the chief of the World Trade Organisation Cell of the Commerce Ministry.

Local Jamuna Group has recently proposed to invest Tk 1,000 crore in Evaly to salvage it. "Evaly may show it in its next submission if the discussion of investment by Jamuna takes place," Rahman said.

No decision was taken about another e-commerce company eorange yet, he said.

On July 19, the ministry sent a letter to Evaly asking it to explain by August 1 how it would settle its current liabilities to customers and merchants.

Evaly's reply came on the last day of the deadline.

In its reply to the notice of the ministry, Evaly said it wanted to have its financial statements audited by a third party and set a valuation of the company. So, it needs six months for a full explanation.

On August 11, the e-commerce platform gets three weeks to respond to the commerce ministry's show-cause notice.