Saturday , October 16 2021

Cottco trio for $ 2 million fraud – Nehanda Radio

Ansu Medea

The cotton company in Zimbabwe (Cottco) has been fraudulently given $ 2,212,613.37 for its three employees.

Zimbabwe cotton company (Cottco)
Zimbabwe cotton company (Cottco)

Three Pius Manamike (Acting Actor), Brighton Chibhamu (Treasurer) and Lameck Machumi (Sales and Marketing Officer) Harare Master Rumbeedzai appeared before Mugvagua.

They are released on bail for $ 500 each and return to court on December 7.

In May 2017, three general-purpose plans for fraudulent Cottco agro-industrial company engaged in the procurement, processing and marketing of cotton were developed.

Manamike and Treasurer Chibamu signed a Memorandum of Understanding with Cotton Pro on agreeing to cover up to 8,000 tonnes in a 90-day credit line on May 30 last year.

They have done this with the violation of the Exchange Control Order 150: 2008 charter, which implies the purchase of the entire loan by the Client on a pre-financing basis.

The Memorandum of Understanding was signed by Ekobank JSC and showed that the bank had processed documents for companies that had pre-financing, so they could not provide Cotton Pro with loans.

From September 8 to October 12, 2017, three of them recognized that they could not get a cotton lens through Ecobank, and showed the need for a pre-financed project, Devkot Louis Dreyfus and Mambo Commodities, to issue a cotton lubricant. growth of cotton.

Upon receipt of the release commitments, three additional Appendices have been assigned to the SecoTec Guarantee Securities employees based on Gokwe, Kadoma and Sanyati Cottco, who have been assigned to export the cotton horns Devcote, Louis Dreyfus and Mambo Commodities.

Following an internal audit and a risk section within Cottco, an offense was filed and a notice was given to the police that three people were arrested.

As a result of the trio actions, Cottco has been damaged by $ 2,211,613.37 and has been recovered at just $ 707,249.31. The Herald

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