Harare – Cotton Company of Zimbabwe (Cottco) bosses Pious Manamike and Maxmore Njanji have been granted ZWL100 000 bail each Wednesday.
Manamike (managing director) and and his marketing manager Njanji will return to court on August 15 2022.
The presiding magistrate noted that the two were not a flight risk since they never attempted to flee the country during Zimbabwe Anti Corruption (Zacc) investigations. The duo was arrested over allegations of corruption last Thursday .
The arrest followed a 2021 audit report that unearthed financial irregularities.This is not the first time the pair is arrested for corruption.
In 2018, they were arrested for allegedly defrauding US$2 million from Cottco and were released on US$500 bail each by magistrate Rumbidzai Mugwagwa.
Njanji is reportedly eying Zanu-PF Mazowe Central seat where he wants to topple sitting parliamentarian Sydney Chidamba.
In May this year, President Emmerson Mnangagwa said his administration would go after corruption at Cottco.
“Those in charge of Cottco must quickly change their ways, there is no time any longer, certainly no patience in us suffering their irresponsible conduct,” he said on May 30.