Chinese restaurant Shangri-La fined 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.
Source – Pindula News
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