The Cotton Company of Zimbabwe (COTTCO) has appointed its head of operations Munyaradzi Chikasha as the acting accounting officer.
This follows the arrest of COTTCO managing director Pious Manamike and head of marketing and ginning Maxmore Njanji on Thursday last week.
The duo is facing corruption charges mainly centred on conflict of interest after failing to declare their business dealings to their principals.
In an internal memo to the staff last Friday, COTTCO chairman Sifelani Jabangwe advised workers of the latest development. He said:
COTTCO executives, namely Pious Manamike and Maxwell Njanji are currently unavailable to execute their duties.
Whilst they are away, the cotton business needs to continue more so during the intake (buying) season.
Therefore, the Cottco board of directors has with immediate effect appointed Mr Munyaradzi Chikasha, head of operations to be the acting officer.
He will be responsible for coordinating all the business activities and reporting to the board.
Jabangwe, however, did not indicate whether Njanji and Manamike had been suspended or not.
Meanwhile, Njanji and Manamike were each granted ZWL$100 000 bail when they appeared before Harare magistrate Stenford Mambanje on Wednesday.
COTTCO, formerly the Cotton Marketing Board (CMB), is 38 per cent owned by the Government.