Jamuna Group has decided not to invest in controversial e-commerce platform Evaly.
Jamuna Group Director (Marketing, Sales and Operations) Mohammad Alamgir Alam confirmed it to The Business Standard on Tuesday.
"Jamuna Group was interested to invest initially after Evaly invited us. But after scrutinising their liabilities, business strategy, and sales and marketing policy, now we are withdrawing our decision on investing in the ecommerce platform," he said in a Facebook post today.
Earlier on Monday, in an urgent public notice on his Facebook account, Alamgir Alam said, "Jamuna Group is not willing to risk its long-earned money, reputation, talent and capability by making a insensible decision to invest hundreds of crores of money in any business without thorough review and reconsideration."
He further said that Jamuna Group emphasises on productive and constructive business policy in conducting business, which has been playing a significant role in direct and indirect employment and livelihood of millions of people in the long run along with massive development of industrial infrastructure.
The statement also said that Jamuna Group holds sole rights to decide on investing its money in any company. It's not a question of currying favours.
In another Facebook post, Alamgir Alam mentioned order numbers of his 32 pending deliveries from Evaly.
"Even I am not getting my products from Evaly. How could we say something positive about Evaly before media? Now you can understand our decision regarding investing in the e-commerce platform," he added.
On 26 August, Monika Nazneen Islam, group director of Jamuna Group, told The Business Standard, "Jamuna Group has not decided yet on investing in controversial e-commerce platform Evaly."
"We signed a memorandum of understanding with Evaly earlier. We still have some times in hand to decide on the deal. Our audit and accounts departments are looking into Evaly's financial statements and other related documents. We will issue an official statement on the matter after completing the audit," she said.
Earlier, on 28 July, in a Facebook post then, Evaly Managing Director Mohammad Rassel announced that Jamuna Group is going to invest Tk1,000 crore in the e-commerce platform, which is under investigation over alleged embezzlement of Tk338 crore it took in advance from customers and owes to merchants.
Later, in two different submissions to the Commerce Ministry, Evaly informed that they owe Tk311 crore to customers and Tk206 crore to the merchants.
Evaly got the money in advance payments by luring people with heavy discounts on products on its site and promising delivery in 7-45 days. Buyers, however, are yet to receive the items they ordered.
And the refund cheques given to customers have bounced because of an insufficient fund in Evaly's bank account.
Meanwhile, the Anti-Corruption Commission (ACC) has written to several government organisations seeking related documents on Evaly.
Besides, a Dhaka court also imposed a travel ban on Mohammad Rassel, the managing director of Evaly, and his wife Shamima Nasrin, also the chairman of the company, from travelling abroad amid an ongoing probe into charges of embezzlement against the e-commerce company.