Business / Companies
Retailer denies cash-hoarding charges
27 Sep 2017 at 06:29hrs | Views
A BULAWAYO retail shop, Bulk Commodities trading as Cash and Carry, has denied charges of violating the Reserve Bank of Zimbabwe's (RBZ) disclosure order by not banking its daily cash takings.
The regulation compels businesses to submit cash sales and deposit returns of each previous day's business transactions to the RBZ as proof that they have banked their surplus cash.
Cash and Carry, which is owned by Pakistani businessman, Imran Shahzad, was represented by its employee, Moses Muna, who told magistrate, Sithembiso Ncube that the retailer always complied with the RBZ's disclosure order.
The magistrate remanded the matter to October 10 for continuation of trial.
In his defence, Muna said: "The company is shocked that it is being charged, yet, it was complying, putting it in unnecessary expenses."
According to the disclosure order sent to the retail outlet on June 9 2016, RBZ asked retailers and wholesalers to make disclosures of their cash returns to avert a cash crisis.
The court heard that the order was served to the Shahzad, who acknowledged its receipt.
The State alleges that between June 25, 2016 and June 13, 2017 the company did not submit such returns to RBZ, prompting the current legal action.
The regulation compels businesses to submit cash sales and deposit returns of each previous day's business transactions to the RBZ as proof that they have banked their surplus cash.
Cash and Carry, which is owned by Pakistani businessman, Imran Shahzad, was represented by its employee, Moses Muna, who told magistrate, Sithembiso Ncube that the retailer always complied with the RBZ's disclosure order.
The magistrate remanded the matter to October 10 for continuation of trial.
In his defence, Muna said: "The company is shocked that it is being charged, yet, it was complying, putting it in unnecessary expenses."
According to the disclosure order sent to the retail outlet on June 9 2016, RBZ asked retailers and wholesalers to make disclosures of their cash returns to avert a cash crisis.
The court heard that the order was served to the Shahzad, who acknowledged its receipt.
The State alleges that between June 25, 2016 and June 13, 2017 the company did not submit such returns to RBZ, prompting the current legal action.
Source - newsday
