Firm fined $17 000 for hoarding cash

A building materials shop has been fined $17 000 for cash hoarding and failing to bank money since July last year in terms of the Reserve Bank of Zimbabwe regulations.

Builders’ Home, which was represented by Mr Charles Mutseka, pleaded guilty to contravening the Bank Use Promotion Act.

The company appeared before Harare magistrate Mr Hoseah Mujaya, who suspended $2 000 of the fine on condition that the company does not commit a similar offence in the next five years.

Two other companies, Bathroom Boutique and Eurostar, are yet to know their fate.

Prosecuting, Mr Timothy Makoni told the court that on July 17, 2016 Bathroom Boutique was served with a disclosure order by a representative of the RBZ, Mr Tongesayi Murape.

The order required the companies to submit returns on cash sales and deposits on a daily basis as provided for under the RBZ Act.

Builders’ Home received a similar order on January 14 this year and its director, Mr Shi Haiyan, signed for it.At Stochack, a bookkeeper, Adele Gous, signed the order on June 30, 2016.

It is alleged that after being served with the orders, none of the companies submitted returns to RBZ as required by the Act.

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