The Cotton Company of Zimbabwe (COTTCO) Managing Director, Pious Manamike and the Marketing and Business Development Manager Maxmore Njanji have been arrested on allegations of corruption.
The two were picked by the Zimbabwe Anti-Corruption Commission officers this Thursday after a 2021 audit report unearthed financial irregularities.
COTTCO is the largest cotton producing company in the country. It has an 80% market share.
Formerly The Cotton Marketing Board, the company was privatized in 1994 and was in competition with Cargill at the time.
After 2000 other players came and in 2005 when the foreign currency challenges began Chinese companies also joined the cotton industry.
At the peak of hyper inflation 2007/8 there were 28 cotton companies in Zimbabwe although they were fly by night companies.
The company has revived its relationship with farmers so that they start to grow cotton again.
Zwnews
