Corruption-accused COTTCO Bosses Granted $100 000 Bail Each
Two Cotton Company of Zimbabwe (COTTCO) officials who were recently arrested on corruption charges have been granted bail.
COTTCO managing director Pious Manamike and his marketing manager Maxmore Njanji were each granted ZWL$100 000 bail when they appeared before Harare magistrate Stenford Mambanje on Wednesday.
They will be back in court on 15 August 2022.
In granting them bail, Mambanje said the duo has proved that they have strong ties to the country as they knew they were being investigated but did not attempt to run away. He said:
They knew that they had been investigations pertaining to this matter and yet they did not run. On top of that they took themselves to the Zimbabwe Anti-Corruption Commission (ZACC) offices.
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Manamike and Njanji were arrested on Thursday last week by the Zimbabwe Anti-corruption Commission (ZACC).
The corruption allegations emanated from a 2021 audit report that unearthed financial irregularities at the company.
NewZimbabwe.com reported sources as saying Njanji is being accused of abusing COTTCO resources to fund his political ambitions.
Njanji is reportedly planning to contest the Mazowe Central National Assembly seat on a ZANU PF ticket.
He reportedly distributed knapsacks, motorcycles and bicycles belonging to COTTCO to his supporters in the constituency.