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Financial Intelligence raids Shangri-La restaurant over pricing
03 Apr 2022 at 07:56hrs | Views
The FINANCIAL Intelligence Unit of Zimbabwe recently raided Shangri-La restaurant for converting prices of a product using an exchange rate above the official rate.
According to a letter from FIUNZ Director General Tichafa Chigaba said the restaurant sold and advertised a product using an unofficial exchange rate.
"On or around 9th of February 2022, Shangri- La restaurant in Harare, sold and advertised for sale products using an exchange rate above the ruling official rate of the day ,that is to say , sold or advertised: various products offered by Shangri- La Restaurant and Take away, at an exchange rate of US$1 to ZW$240 thereby breaching section 3 (7) of statutory Instrument 127 of 2021," Chigaba said.
Chigaba said for the breaches the restaurant is supposed to pay a certain amount stipulated in the penalty.
"Shangri-La Restaurant and Takeaway shall pay a fine of US$30 000 ( or equivalent in Zimbabwe dollars, at the ruling auction rate applicable on date of payment)," he said.
"If the stipulated amount is not paid the restaurant shall incur further penalty of 5% of the said amount or any portion thereof that remains unpaid calculating from the date of service of this notice up to the date of payment."
According to a letter from FIUNZ Director General Tichafa Chigaba said the restaurant sold and advertised a product using an unofficial exchange rate.
"On or around 9th of February 2022, Shangri- La restaurant in Harare, sold and advertised for sale products using an exchange rate above the ruling official rate of the day ,that is to say , sold or advertised: various products offered by Shangri- La Restaurant and Take away, at an exchange rate of US$1 to ZW$240 thereby breaching section 3 (7) of statutory Instrument 127 of 2021," Chigaba said.
"Shangri-La Restaurant and Takeaway shall pay a fine of US$30 000 ( or equivalent in Zimbabwe dollars, at the ruling auction rate applicable on date of payment)," he said.
"If the stipulated amount is not paid the restaurant shall incur further penalty of 5% of the said amount or any portion thereof that remains unpaid calculating from the date of service of this notice up to the date of payment."
Source - Byo24News
