Three companies taken to court for not banking cash

Posted by Maveriq

Three companies, Take and Tile (Pvt) Ltd trading as Bathroon Boutique, Candover trading as the Builders Home and Stochack trading as Eurostar Electrical Company Limited have been charged with harvesting cash and not banking it. The three companies appeared before Harare magistrate Mr Lazini Ncube for violating the Reserve Bank of Zimbabwe regulations since July last year.

Only the companies have been charged, with no actual humans facing any charges.  A fact that was bemoaned by the prosecutor Michael Reza who said:

There was a human element that made the conscious decision of not banking the companies’ daily proceeds. There is need for the human being to come and explain why they made a decision not to comply with RBZ regulation that money should be banked into a financial institution.

The representatives of the companies pleaded guilty o contravening the Bank Use Promotion Act.

Mr Ncube postponed the matters to March 19, 20 and 24 for trial.
More: Herald

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