Evaly’s Russell absent in office for 3-month in fear of creditors

Evaly’s CEO, Mohammad Russell, has been unable to attend his office in person for the past three months due to escalating pressure from customers demanding their dues, creating an unstable environment for the company’s operations. 

He sought help from the Ministry of Commerce for a safe office environment as the situation hindered the company’s business operations.

In a press conference organised via Zoom today (11 July), Russell said Evaly had sent a letter to the technical committee formed by the Ministry of Commerce, seeking assistance in creating safe conditions for physical office operations.

“When we pay dues to someone, others start creating pressure. They come to the office with influential people to negotiate, creating a bad situation,” said Russell. 

Evaly currently owes customers and sellers at least Tk500 crore. In the last six months, the company has paid Tk2.27 crore, with Tk47 lakh disbursed through the Directorate of National Consumer Rights Protection (DNCRP) and Tk1.8 crore directly by Evaly. 

Russell stated that Evaly aims to settle complaints quietly through the DNCRP due to the pressure of customers awaiting dues.

Despite these challenges, Evaly has managed to deliver 3.5 lakh orders in the last six months, generating a net profit of Tk2.5 crore, from which customer payments have been made. 

Russell emphasised that Evaly is now selling products at a profit and intends to pay dues from this profit. 

However, he noted that if a significant investment were available, it might be possible to repay the money more quickly.

In light of the current situation, Evaly has announced that it will not pay any money to ordinary customers for the next two months.

Russell assured customers that Evaly is committed to consistently paying all dues and will do so from its business profits.