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4 Cottco bosses arrested

by Staff reporter
09 Nov 2018 at 05:12hrs | Views
The Zimbabwe Anti-Corruption Commission has arrested four Cotton Company of Zimbabwe managers fingered in illegal cotton trading, prejudicing the country of millions of dollars.

Managing director Pious Manamike, head of finance Brighton Chibhamu, Lameck Machumi (sales) and freight manager Charles Masunungure were yesterday being held by the anti-graft body for questioning and are likely to appear in court today.

Zacc chief investigations officer Alex Masiye confirmed the commission was holding the four for questioning.

"We are with them (the four Cottco managers) interviewing them. Can you call later," Masiye said last night.

The four are allegedly part of a cartel of Cottco executives working with high-profile politicians in illegal trading of cotton, prejudicing the State of over $2,5 million in foreign currency by diverting the white gold meant for export to illegal local buyers.

Only $707 000 was said to have been recovered from the $2,5 million.

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Source - newsday