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COTTCO Holdings

Business Reporter

COTTCO Holdings head of finance Mr Muduviko Mubaiwa resigned last week after the company charged him for violating the code of conduct, sources at the company have said. Mr Mubaiwa was sent on forced leave in September last year to facilitate investigations into allegations of financial impropriety. Acting managing director Mr Christopher Murove confirmed the development, but declined to reveal more details.“I can confirm Mr Mubaiwa tendered his resignation which we accepted,” said Mr Murove.

Sources at the company said the internal audit brought up several irregularities and the company concluded that there was a cause to charge him.

“The audit actually brought up issues which he had to answer in terms of our disciplinary code. He was given the opportunity to respond to the allegations but it was not adequate enough to stop the intended disciplinary hearing, so he was charged. But a day before the hearing, he decided to tender his resignation, which the company accepted,” said one source.

Mr Mubaiwa could not be reached for comment at the time of going to print yesterday. An accountant by profession, he joined the company in October 2012 as group head of treasury.