Supermarket in court for withholding cash

Supermarket in court for withholding cash
Published: 24 July 2017
A BULAWAYO supermarket has been dragged to court by the Reserve Bank of Zimbabwe (RBZ) over failure to submit cash sales returns and deposits to the central bank.

The Greens Supermarket director, Arthur Zvenyika was last week not asked to plead to the charge of contravening section 13 as read with section 18 (3) of Bank Use Promotion Act Chapter 24:24 (failure to comply with the disclosure order), when he appeared before magistrate, Tinashe Tashaya.

The court heard that on June 23 last year, Greens Supermarket was served with a disclosure order by Anton Taruvinga a representative of RBZ, requiring the company to submit returns on cash sales and deposits on daily basis as provided by the Act to RBZ.

Zvenyika representing the supermarket acknowledged the receipt of the disclosure order by signing at the back of it. It is the court case that since the time the supermarket was served with the disclosure order, it did not comply with the order.

Last week, DCK Supermarket in Gweru branch was fined $11 340 by a regional magistrate for not banking its daily cash receipts in line with requirements of the Reserve Bank of Zimbabwe's (RBZ) Bank Use Promotion Act.

Section 11 of the Bank Use Promotion and Suppression of Money Laundering Act (Chapter 24) requires all traders and parastatals to bank their money at the close of business.

The retail shop, which was represented by its general manager, Elimon Kwande, pleaded guilty when it appeared before regional magistrate, Morgan Nemadire.

The shop had defaulted for 378 days and in the process attracted a penalty of $189 000, but Nemadire imposed a lenient sentence to avoid paralysing the business.

Several retail shops, in most parts of the country have been dragged to court on similar charges.
- chronicle
Tags: Supermarket,


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