The Cotton Company of Zimbabwe Limited (Cottco) acting managing director has been arrested for corruption and money laundering charges.
Munyaradzi Chikasha (46) was arraigned before the Harare Magistrates Court for corruptly concealing a personal interest in a financial transaction.
The transaction was related to his employer’s operations and money laundering.
He was granted bail in the sum of US$100, and ordered not to interfere with witnesses.
He was also ordered to surrender his passport and report once a week to the Police.
Chikasha will next appear in court on June 12.
The accused was arrested by the Zimbabwe Anti-Corruption Commission.
The allegations are that sometime in 2021, the Chikasa, who was employed as the Business Manager at Cottco Chiredzi depot, devised a plan to have his trucks contracted to ferry Cottco goods.
He wanted to benefit financially without disclosing his interests in the transactions to Cottco.
He bought two trucks and registered them in the name of his nephew.
He allegedly instructed the nephew to open a bank account where the payments for the transportation services would be made.
A contract for the transportation services was then concluded between the nephew and Cottco Chiredzi Depot.
Thereafter, the accused person’s trucks were used to transport Cottco goods on various occasions.
The trucks were always assigned routes on well-maintained roads.
The accused person made sure that all outstanding payments for the services rendered by his trucks were made promptly.
This would happen ever when other transporters who had serviced Cottco ahead of him remained unpaid for their services thereby showing favour to himself.
The money laundering charges arose from the allegations that he used ill-gotten gains ie the money he benefited from the transportation services to acquire two more trucks and finance the building of his house.
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