Kingdom Paints prosecuted for violating RBZ laws

Kingdom Paints violating RBZ

Kingdom Paints prosecuted for violating RBZ laws

A Harare based paint company – Kingdom Paints – was on Thursday arraigned before Harare magistrate Esthere Chivasa on charges of violating the Bank Use Promotion Act “failure to comply with a disclosure order”.

Kingdom Paints is said to have violated the Reserve Bank of Zimbabwe (RBZ) 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, was not asked to plead when Chivasa remanded the matter to October 6, 2020.

It is the State’s case 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 court heard that disclosure order requires companies to submit to the RBZ cash sales and deposits returns at the end of each day.

Allegations are that Kingdom Paints failed to comply with the provisions from July 21 to September 14 this year.

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