Cottco CEO Arrested of US$2 million fraud.

COTTCO Acting Chief Executive Officer Pius Manamike and two COTTCO managers have appeared before Harare Magistrate Mrs Rumbidzai Mugwagwa facing charges of US$2 million fraud.

The trio was granted US$500 bail each and ordered not to interfere with state witnesses.

Last night the Zimbabwe Anti-Corruption Commission (ZACC) arrested the COTTCO managers who were fingered in illegal cotton trading, prejudicing the country of millions of dollars.

Managing Director Pious Manamike, Head of Finance Brighton Chibhamu, Lameck Machumi (Sales) and Freight Manager Charles Masunungure were yesterday being held by the anti-graft body for questioning.

ZACC chief investigations officer Alex Masiye confirmed the commission was holding the COTTCO bosses for questioning.

“We are with them (the COTTCO managers) interviewing them. Can you call later,” Masiye said last night.

The four are allegedly part of a cartel of COTTCO executives working with high-profile politicians in illegal trading of cotton, prejudicing the State of over $2.5 million in foreign currency by diverting the white gold meant for export to illegal local buyers.

Only $707 000 was said to have been recovered from the $2,5 million.