Varun Beverages lost US$250 000 in cash to two of its employees, a court in Harare has heard.

Vitalis Masikati and Elvis Muzvidzwa, who were represented by Desire Chidanire, appeared before magistrate Stanford Mambanje facing fraud, theft and money laundering charges.

The duo was remanded in custody to today for bail ruling.

Allegations are that Muzvidzwa used to collect various amounts of cash from the company’s sales representatives and would surrender it to Masikati who did not forward it to the company.

It is alleged that Masikati would then provide fake information to the company that it had received the cash.

After stealing the money, the two acquired various properties including a house which still needs verification, motor vehicles and started various businesses.