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Zimbabwe FIU Fines Chinese Restaurant Shangri-La US$30 000 For Using Unofficial Forex Rates

Zimbabwe FIU Fines Chinese Restaurant Shangri-La US$30 000 For Using Unofficial Forex Rates

Zimbabwe’s Financial Intelligence Unit has fined a Harare-based Chinese restaurant Shangri-La US$30 000 for charging services using unofficial foreign exchange rates. We present a letter dated 11 February 2022:

The Managing Director

Shangri-La Restaurant and Takeaway

155 Enterprise road

Chisipite Harare

Dear Sir/Madam

Imposition of Penalty on Shangri-La Restaurant and Takeawav for converting prices of a product using an exchange rate above the official rate.

On or around 9′ of February 2022, Shangri-La Restaurant and Takeaway which operates a restaurant in Harare, sold and advertised for sale products using an exchange rate above the ruling official rate of the day. that is to say, sold or advertised —

Various products offered by Shangri-La Restaurant and Takeaway, at an Exchange rate of USS I to ZW$240 thereby breaching section 3(7) of Statutory Instrument 127 of 2021.

1. Imposition of penalty

For the said breaches involving various products, the following penalty is imposed on Shangri-La Restaurant and Takeaway:

(a) Shangri-La Restaurant and Takeaway shall pay a fine of US$30,000 (or equivalent in Zimbabwe dollars, at the ruling auction-rate applicable on date of payment); and

(b)The amount referred to in pars (a) shall incur a further penalty of 5% of the said amount or any portion thereof that remains unpaid, calculated starting from the date of service of this notice up to the date of payment.

Payment of the penalty shall be made into the following account: Account Name: RBZ Settlement Account Account Number: 00000001 Bank: Reserve Bank of Zimbabwe.

2. Suspension of operation of penalty for 48 hours

a. The operation of the penalty referred to in paragraph 2, above, is suspended for seven days from date and time of service of this notice to allow Shangri-La Restaurant and Takeaway to make written representations, if any, why the penalty should not be confirmed.

b. In the event that Shangri-La Restaurant and Takeaway fails to show sufficient cause, within seven days, why the penalty should not be confirmed, the penalty shall be deemed confirmed from date of expiry of the seven days, in which case payment of the full fine shall become due within 48 hours thereafter.

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Anonymous 7 months ago

They have no respect these zanu friends....selling dog meat & bats @ an exagerated rate....nxx...Poor Zimbabwe

🤨🤨 7 months ago

Azviiti ka kti vapinde mu town ndomune avo mabhizimusi ka umu

Daily prophecy 7 months ago

Vanotendera mutown muma business avo here ukuda kuti vazvisunge@trix

trix 7 months ago

shangrila yaita munyama. vadii vambotenderera mu town vanzwe rate rema takeaway vasati vaenda kure.major players in restaurant business in cbd charge a lot when buyin using rtgs

S 7 months ago

These Chinese think they own Zimbabwe. They don't even respect Zimbabweans. They are the same with others. They should stop looting in Zimbabwe.

Rwadzi Gunsmoke 7 months ago

Rtgs harichashande simple ziRate iroro kungonzi huya neUS$ chete Rtgs harihodhe bank rate kungotaura kwavo RBZ yacho haipe US$ rinokwana kuma Restaunts acho so they end up vakuita loss koz vanozongoenda kuBLACK market apa maSales maita neBANK rate

Zvazvanga zvingori 7 months ago

It's not Shangrilas problem.This is everywhere go to TM,OK,Spar,Foodworld etc.Its only Dr Nostro and Mr Vostro who are fighting a losing cause.Vanhu vakurunner nyika Vega ndozviripo


Hezvoko 7 months ago

iCHO! Vanzwa Bata. Ndozvavakabvira kumusha kwavo kuzobika overpriced sadza?

J 7 months ago

Can i please have the number for the fiu.i have a lot of shops and hardware's i want to report especially in marondera, the likes of Chotace hardware,workmate,farm and city, chicken inn, Buffalo,nyambuya services, and also the number for Zacc i have evidence i took yesterday of ZRP officers receiving bribes along harare-mutare,also want to report 3 vid officials

Yvt 7 months ago

Why cant this Zim Financial intelligence unit fine all private businesses operating in Zimbabwe as varikushandisa not the bank rate ??. Its an open secrete that all businesses are not using the official bank rate. Shandisai US$ Varume izvi mazvitadza.

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