Business / Companies
Retailers fined for not banking cash
02 Jun 2017 at 06:53hrs | Views
TWO retail outlets were yesterday fined by a Harare regional magistrate for contravening section 13 of the Bank Use Promotion Act after they failed to bank their cash.
Bathroom Boutique, which was represented by its general manager, Faith Chumbu, was fined $9 700, while Eurostar Electricals Company, which was represented by its manager, Paul Muyengi, was fined $20 000.
Bathroom Boutique was then ordered to pay $8 200 after magistrate Hosiah Mujaya suspended $1 500 on condition that the company shall not be convicted of similar charges within the next five years, while Eurostar Electricals was ordered to pay $18 000 after $2 000 was suspended on the same conditions.
The State proved that on June 30 last year, Eurostar Electrical Company was served with a disclosure order by a Reserve Bank of Zimbabwe (RBZ) official, Tongesayi Murape, requiring the firm to submit daily returns of cash sales and deposits as provided for by the RBZ Act.
The firm, through its director, Shi Haiyan, acknowledged the disclosure order by signing the order, but from the time the order was served, the company did not submit the requested returns to the RBZ as required by the Act.
Bathroom Boutique also failed to submit the same documents from July last year to March 27 this year.
George Manokore appeared for the State.
Bathroom Boutique, which was represented by its general manager, Faith Chumbu, was fined $9 700, while Eurostar Electricals Company, which was represented by its manager, Paul Muyengi, was fined $20 000.
Bathroom Boutique was then ordered to pay $8 200 after magistrate Hosiah Mujaya suspended $1 500 on condition that the company shall not be convicted of similar charges within the next five years, while Eurostar Electricals was ordered to pay $18 000 after $2 000 was suspended on the same conditions.
The State proved that on June 30 last year, Eurostar Electrical Company was served with a disclosure order by a Reserve Bank of Zimbabwe (RBZ) official, Tongesayi Murape, requiring the firm to submit daily returns of cash sales and deposits as provided for by the RBZ Act.
The firm, through its director, Shi Haiyan, acknowledged the disclosure order by signing the order, but from the time the order was served, the company did not submit the requested returns to the RBZ as required by the Act.
Bathroom Boutique also failed to submit the same documents from July last year to March 27 this year.
George Manokore appeared for the State.
Source - newsday
