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Business Reporter
COTTCO Holdings has recommended prosecution of acting managing director Mr Chris Murove for allegedly abusing the company’s funds.

Sources said a report compiled by the loss control department revealed that Mr Murove had been taking money from the company’s coffers to cover his business trip expenses, but there were no relevant documentation supporting the transactions.

“It was a pattern of transactions not supported by relevant documentation,” said one source who requested not to be identified.

“The loss control department has compiled a report after workers raised some concerns and it has since been presented to the board.”

It could not be established how much Mr Murove could have benefited from the alleged transactions.

Cottco chairperson Mrs Cecilia Paradza confirmed the developments last Friday. She said a remuneration committee was expected to meet today to deliberate on the findings.

Mrs Paradza said the board was also waiting for another report done by internal auditors, which would be discussed as well as responses from Mr Murove, to the allegations.

“The remuneration committee will meet on Monday and the audit committee will meet on Tuesday. We will have a full board meeting on Wednesday to finalise the issues,” said Mrs Paradza.

Mr Murove could not be reached for a comment by the time of going to press.

“He (Mr Murove) give us his submissions. It is just a procedure that we are following,” said Mrs Paradza.

Sources said company secretary Mr Pious Manamike was tipped to take over as acting managing director although there are strong reservations against his appointment at board and workers committee level.