Harare Company Fined $17 000 for Not Banking Its Cash

HARARE based firm, Builders Home, was Thursday fined $17,000 for not banking its cash as monetary authorities crack down on the private sector in a bid to address the country’s cash shortages.

Zimbabwe has been struggling with a cash crisis for some time and the central bank has since warned that businesses would be prosecuted for not banking their daily takings.

Builders Home, located along Rezende in the capital, is in the business of selling building materials.

According to the State, it was served with a disclosure order which was signed by one of its directors.

The order was to the effect that the company submit returns on cash sales and deposits on a daily basis to Reserve Bank of Zimbabwe as required by the Bank Use and Promotion Act.

During Thursday’s court hearing, Builders Home was represented by administrator Charles Mutseka who pleaded guilty to the charges.

According to prosecutors the order was served on January 14 this year.

However, in violation of the requirements, the company did not submit returns to RBZ resulting in it being dragged to the courts.

The company will however pay $15,000 cash after magistrate Hosea Mujaya suspended $2,000 on condition the firm is not convicted of the same offence in five years.

Prosecutor Timothy Makoni appeared for the state.

Source :

Check Also

Stanbic Intensifies Safety Against Coronavirus

Leading financial services institution, Stanbic Bank, is banking on its top-notch innovative mobile and internet …

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This function has been disabled for Zimbabwe Today.