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2 Cottco bosses resign

Local News
Pious Manamike

COTTCO Holdings (Cottco) chief executive officer Pious Manamike and the company’s marketing and business development manager Maxmore Njanji have resigned.

This follows on-going court proceedings where they are facing abuse of office charges, amid allegations that they siphoned millions of United States dollars from the firm.

Allegations are that they used their own trucks to distribute inputs from the company’s depots dotted around the country without their employer’s knowledge.

Cottco chairperson Sifelani Jabangwe confirmed that the two executives had resigned, saying the company was now hunting for their replacements.

“Yes, they resigned two weeks ago and we have started the hiring process,” Jabangwe said, refusing to be drawn into sharing more information.

The duo is also accused of acting in common purpose with Zanu PF legislator for Gokwe-Nembudziya, Justice Mayor Wadyajena, in defrauding Cottco of US$5,8 million.

Wadyajena is being charged together with his company, Mayor Logistics, Manamike, Njanji, Fortunate Molai and Chiedza Danha, director of Pierpont Moncroix Mauritius which was reportedly used as a conduit in the alleged money-laundering scam.

The development comes as the government is in the process of increasing its stake in Cottco.

Government previously indicated that it was considering increasing its shareholding in Cottco to 51% from 37%.

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