Zim retailer fined for failing to bank earnings amid cash shortages

2017-04-29 14:00
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Harare – A Zimbabwean retail firm has been slapped with a $17 000 fine for failing to bank its earnings as the country’s cash crisis continues to bite, a report on Friday said.

According to NewsDay, the firm, Building Home, pleaded guilty to a charge of contravening sections of the Bank Use Promotion Act when it appeared in the Harare Magistrate’s Court.

The Builders Home, which was represented by its administrator Charles Mutseka, will, however, pay $15 000, after magistrate, Hosiah Mujava, suspended $2000 for five years on condition that the shop is not found guilty of the same offence.

The company was served with a disclosure order - requiring it to submit returns on cash sales and deposits on a daily basis as required by law - on January 14.

The Builders Home, however, failed to comply with the order despite one of its directors acknowledging receiving the order when he signed the back of it.

Reports last year indicated that the Reserve Bank of Zimbabwe was to carry out raids on embattled businesses and traders to force them to deposit their daily takings. 

The move was reportedly aimed at resolving the country's liquidity crisis that had left President Robert Mugabe's government paralysed as it also failed to pay its civil servant. 

Central bank chief John Mangudya was at the time quoted as saying that those who didn't bank their cash would risk "losing their licence or incurring huge penalties".

Read more on:    robert mugabe  |  john mangudya  |  zimbabwe  |  southern africa

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