Cottco bosses granted $100 000 bail


TWO Cotton Company of Zimbabwe (Cottco) bosses, arrested last week for allegedly concealing some unclear company transactions, were yesterday granted $100 000 bail each.

Cottco managing director Pious Manamike and head of ginning, marketing and business development Maxmore Njanji were released on bail by Harare magistrate Stanford Mambanje. They were represented by Josephine Sande.

The duo was asked not to interfere with witnesses and to report once every Friday to their nearest police station.

Mambanje said the accused were people with attachment to the country’s jurisdiction, hence there was no likelihood that they would abscond.

The court also said details of the offence by the State and the Zimbabwe Anti-Corruption Commission were insufficient.

Mambanje also ruled that in respect to Njani, he had declared his interests to the principal, which was confirmed and admitted by Manamike, making the State case weak against him.

The court said the accused were good candidates for bail because there is nothing that has been proven by the State to indicate that they will abscond.

Sources close to the development allege that Njani is accused of abusing Cottco resources to fund his political ambitions.

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