Company fined $17k for cash hoarding

BUILDERS Home has been fined $17 000 for cash hoarding and failure to bank money since July last year in terms of the Reserve Bank of Zimbabwe regulations.

Builders Home which was represented by 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 five years.

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

Prosecuting, Mr Timothy Makoni, told the court that Builders Home is in the business of selling home building materials.

The court also heard 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 daily basis as provided for under the RBZ Act.

Its director, a Mr Petker, acknowledged receipt of the order and signed it.

Builders Home received a similar order on January 14 this year and its director, Mr Shi Haiyan, signed for it.

At Stochack, a book-keeper, 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.