Cottco Bosses Arrested Over US$2 Million Fraud
Acting Chief Executive Officer of the Cotton Company of Zimbabwe Limited (Ltd) Pius Manamike and two other senior managers were arrested on charges of defrauding the company of US$2 million.
The Three appeared in court facing charges of before Harare Magistrate Mrs Rumbidzai Mugwagwa who granted them $500 bail each. Four other senior managers were also picked up by the Zimbabwe Anti-Corruption Commission (ZACC) on allegations prejudicing the country of millions of dollars by diverting the cotton.
The four are alleged to be part of a cartel of Cottco executives who are working with prominent politicians to divert cotton away from the State coffers.
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