Alesha Mart asks Escrow for a loan and money
Embattled e-commerce company Alesha Mart has urged the Commerce Department to allow it to withdraw cash from the escrow service into its account, as well as arrange bank loans.
Alesha Mart Chairman Md Monzur Alam Sikder on Wednesday sent two separate letters to Principal Commerce Secretary Tapan Kanti Ghosh in this regard.
In the letters, Monzur Alam claimed that “a huge sum of money” from Alesha’s customers is blocked with SSL escrow service provider Commerz, and the e-commerce company must transfer it to its own account. to “satisfy customers”.
In accordance with the terms of payment under escrow, the installments will be paid to the third party. It will release payment to the seller only after successful delivery. For unsuccessful purchases, customers are supposed to be reimbursed by the third party – SSL Commerz in the case of Alesha.
The arrangement does not permit repayments of the escrow fund by the seller.
In addition to this illogical demand, Monzur Alam asked the Ministry of Commerce to arrange bank loans for Alesha, saying, “There is no alternative to bank loans for uninterrupted business.”
Referring to the “reluctance” of banks to lend to e-businesses, he further requested loans, given the case of Alesha employees.
Alesha Mart applied for Tk 300 crore in working capital from the Ministry of Commerce in December last year as it plans to refund customers and fully resume operations. But the ministry said the government would not provide any financial support to the e-commerce company.
“How would Alesha repay banks after repaying customers with bank loans,” asked Zahid Hussain, former chief economist at the World Bank’s Dhaka office.
He said that if the government gave bank loans to Alesha now, banks could in the future pressure the government for repayment.
The Economist said the disgruntled customer should be reimbursed by Alesha Properties. Neither the government nor the bank can be responsible for paying a company’s debts.
Tk214cr escrow refund likely from March
E-commerce refunds of Tk214 crore which are now stuck with escrow service providers could start in full swing from March, said the Head of Digital Cell of the Ministry of Commerce and Deputy Secretary, Md Sayeed Ali .
Ministry officials said they received a list of e-commerce companies from police headquarters. According to the list, 24 companies have so far been sued by their disgruntled customers.
Customers of both companies with and without police cases will be reimbursed by escrow services, officials said. But the ministry has no repayment plan for Evaly’s clients since the court formed a separate board for him.