2 Cottco bosses to spend weekend in remand

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Cottco managing director Pius Manamike

BY STAFF REPORTER
THE Zimbabwe Anti-Corruption Commission (Zacc) has arrested two Cotton Company of Zimbabwe (Cottco) bosses who are now facing corruption charges.

The duo, Cottco managing director Pius Manamike and head of ginning, marketing and business development Maxmore Njanji were remanded in custody until Monday when they will be expected to appear in court for bail hearing.

“Manamike was arrested on Tuesday.  He appeared at the Rotten Row Magistrates Court on Thursday and was remanded in custody to yesterday for bail application, whereas Njanji was arrested on Thursday and detained at Avondale Police Station until his court appearance for initial remand yesterday. Their bail bids apparently flopped,” Zacc spokesperson John Makamure said.

They are accused of securing a contract for their fleet of 40 trucks to deliver inputs from Cottco’s major supplier Ferts, Seed and Grain (FSG) Private Limited.

Government is the major shareholder in Cottco with a 37% stake after its privatisation in 1994. The remaining shares are spread across a number of shareholders with the second largest two shareholders owning 10% shares each.

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