Cottco Enters Corporate Rescue Amid Financial Chaos

The Cotton Company of Zimbabwe (Cottco) has officially entered voluntary corporate rescue proceedings. Mutapa Investment Fund CEO John Mangudya criticized the board for the company’s financial bleeding, noting that over US$70 million in government support has failed to stabilize operations. Lawmakers have grilled Mangudya over the diversion of US$6 million intended for farmers into bank accounts to cover company assets. The move marks a desperate attempt to salvage the firm from total collapse after years of operational inefficiency.

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