{"id":1212,"date":"2024-05-03T21:19:57","date_gmt":"2024-05-03T21:19:57","guid":{"rendered":"https:\/\/zimdailyjournal.co.zw\/?p=1212"},"modified":"2024-05-05T15:35:33","modified_gmt":"2024-05-05T15:35:33","slug":"cottco-boss-arrested-for-corruption-money-laundering","status":"publish","type":"post","link":"https:\/\/zimdailyjournal.co.zw\/index.php\/2024\/05\/03\/cottco-boss-arrested-for-corruption-money-laundering\/","title":{"rendered":"Cottco boss arrested for corruption, money laundering"},"content":{"rendered":"<p>The Cotton Company of Zimbabwe Limited (Cottco) acting managing director has been arrested for corruption and money laundering charges.<!--more--><\/p>\n<p>Munyaradzi Chikasha (46) was arraigned before the Harare Magistrates Court for corruptly concealing a personal interest in a financial transaction.<\/p>\n<p>The transaction was related to his employer&#8217;s operations and money laundering.<\/p>\n<p>He was granted bail in the sum of US$100, and ordered not to interfere with witnesses.<\/p>\n<p>He was also ordered to surrender his passport and report once a week to the Police.<\/p>\n<p>Chikasha will next appear in court on\u00a0 June 12.<\/p>\n<p>The accused was arrested by the Zimbabwe Anti-Corruption Commission.<\/p>\n<p>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.<\/p>\n<p>He wanted to benefit financially without disclosing his interests in the transactions to Cottco.<\/p>\n<p>He bought two trucks and registered them in the name of his nephew.<\/p>\n<p>He allegedly instructed the nephew to open a bank account where the payments for the transportation services would be made.<\/p>\n<p>A contract for the transportation services was then concluded between the nephew and Cottco Chiredzi Depot.<\/p>\n<p>Thereafter, the accused person&#8217;s trucks were used to transport Cottco goods on various occasions.<\/p>\n<p>The trucks were always assigned routes on well-maintained roads.<\/p>\n<p>The accused person made sure that all outstanding payments for the services rendered by his trucks were made promptly.<\/p>\n<p>This would happen ever when other transporters who had serviced Cottco ahead of him remained unpaid for their services thereby showing favour to himself.<\/p>\n<p>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.<\/p>\n<p>Read more stories @ <a href=\"https:\/\/zimdailyjournal.co.zw\/\">Zimdaily Journal<\/a><\/p>\n<p>Also Visit us on our Facebook Page @ <a href=\"https:\/\/www.facebook.com\/ZimDailyJournal\">ZimDailyJournal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Cotton Company of Zimbabwe Limited (Cottco) acting managing director has been arrested for corruption and money laundering charges.<\/p>\n","protected":false},"author":2,"featured_media":1213,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":{"0":"post-1212","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crime-and-courts-zimbabwe"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cottco boss arrested for corruption - zimdailyjournal<\/title>\n<meta name=\"description\" content=\"Cottco boss arrested for corruption, Cottco\u2019s acting managing director arrested for corruption and money laundering charges.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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