Paint company violates RBZ regulations

Source: Paint company violates RBZ regulations | Herald (Crime)

Court Reporter

A local paint company yesterday appeared at the Harare Magistrates Court for violating the Reserve Bank of Zimbabwe regulations, which compels it to disclose its daily cash sales and deposit returns on its transactions for 50 days.

Kingdom Paints, which was represented by Joseph Ngadze, appeared before Harare magistrate Mrs Esthere Chivasa on charges of violating the Bank Use Promotion Act “failure to comply with a disclosure order”.

The firm’s representative was not asked to plead and Mrs Chivasa remanded the matter to October 6, 2020 for plea recording.

The State led by Ms Mercy Ungandidii had it that on July 20 this year the RBZ in an effort to ensure that Kingdom Paints complies with some sections of the Bank Use Promotion Act served the company with a Disclosure Order.

The disclosure order requires companies to submit to the RBZ cash sales and deposits returns at the end of each day.

It is said the order was served on Kingdom Paints by Mr Humphrey Munyaradzi Takazah from the RBZ.

Allegations are that Kingdom Paints failed to comply with the provisions from July 21 to September 14 this year excluding weekends and public holidays.

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