Harare(New Ziana) -THE Cotton Company of Zimbabwe Limited (Cottco) has assured its stakeholders of continued business despite the US$5 million fraud case involving its four top executives and Gokwe-Nembudziya legislator, Justice Mayor Wadyajena.

The four Cottco officials and Wadyajena were arrested last week on charges of fraud and money laundering involving US$5 million of Cottco money.

The five are out on $200 000 bail each.

Wadyajena and the Cottco officials are alleged to have converted money which was meant for the importation of bale ties to buy 22 haulage trucks through his company Mayor Logistics.

In a statement, Cottco board chairperson Sifelani Jabangwe said it was business as usual at the cotton company, currently being run by acting Accounting Officer Munyaradzi Chikasha.

“The Board and Management of the Cotton Company of Zimbabwe Limited (Cottco) wishes to assure stakeholders of undisrupted business continuity in spite of the legal developments that were widely reported this past week. We are not able to comment on these developments as they are sub-judice,” he said.

Jabangwe took the opportunity to announce that Cottco had already disbursed US$9.9 million and ZWL $1 billion as payment to farmers.

He said ginning was in progress, with lint allocations to local and export customers having also started.

While national cotton output declined in 2022 due to the poor rainfall, Jabangwe said the sector was forecast to rebound this year due to renewed interest by farmers after the clearance of outstanding payments.

“Volumes are expected to have a marginal increase due to a small crop under hybrid seed. To this end Cottco staff are currently focusing on crop establishment activities for the new season,” he said.

Jabangwe added: “We are looking forward to “Transforming Communities” and invite our stakeholders to partner with us as we look forward to an exciting cotton future.”

New Ziana