Codelia Mondela, Court Reporter
TWO Bulawayo retailers have been fined about $65 000 for failing to deposit cash with banks as directed by the Reserve Bank of Zimbabwe (RBZ).
Greens Supermarket was fined $37 300 while Master Paint and Hardware was fined $27 600 for failing to comply with Disclosure Orders issued by the apex bank.
Master Paint and Hardware which was represented by its director, Mr Handsome Janana Ncube, had failed to submit cash sales and deposits to the central bank since June 25 last year.
Senior regional magistrate Mr Trynos Utahwashe ordered the company to pay $27 600 and suspended $10 00 on condition that the business does not commit a similar crime within the next five years.
“You will pay an effective fine of $17 600,” he said.
Prosecuting, Ms Caroline Matanga said on June 25 last year Mr Simbarashe Taruvinga and Mr Richard Mubata, representatives of the RBZ, went to the company, explained the purpose of their visit and served Mr Ncube with a Disclosure Order.
“The Disclosure order required the business to submit to the bank use Promotion and Suppression of Money Laundering Unit of the Reserve Bank of Zimbabwe on a daily basis, cash sales and deposits (CSD) in a provided format to assigned email addresses,” she said.
The company failed to submit cash sales and deposits as requested resulting in the central bank taking legal action.
A week ago, Greens Supermarket represented by its director Mr Arthur Zwenyika appeared in court for a similar crime.
Ms Matanga told the court that the supermarket had defaulted in disclosing returns for 373 days and a deterrent sentence was called for to send a clear message to other companies failing to disclose returns.
Mr Utahwashe ordered the business to pay an effective fine of $27 300 after $10 000 was suspended on condition that the retail outlet does not commit a similar offence within the next five years.
“You will rather not be in business if you can not comply with the law,” he said. — @MondelaC