He appeared before Harare magistrate Mr Elijah Makomo charged with theft of trust property.
Madzima (46) was remanded on $100 bail to April 7.
As part of his bail conditions, Madzima was ordered to surrender his passport, reside at the given address and not to interfere with State witnesses.
In January this year Madzima appeared before Harare magistrate Mr Noel Mupeiwa accused of hiring people to kill the company’s auditor, Dakarai Mukuku (43), after it emerged that he allegedly embezzled company funds.
The court heard that it was an attempt to conceal the theft.
He was charged with incitement to commit murder.
In the latest case, the complainant is Petrotrade represented by its audit manager, Mr Elisha Bokoro.
The court heard that Petrotrade was also an agent of the Zimbabwe Electricity Transmission and Distribution Company (ZEDTC), selling electricity coupons to the public through Nett- cash (Pvt) Ltd.
Prosecutor Mr Sebastian Mutizirwa alleged that between September 2014 and October 2015, Petrotrade bought $1 524 000 worth of electricity coupons for sale.
It is alleged that the company also bought 67 electronic devices and software from Nettcash for use in the sale of the coupons.
Madzima was appointed as the liaison officer between Petrotrade and Nettcash.
Madzima was allegedly given the administrative right to deal with all affairs relating to the sale of electricity.
During the same period Petrotrade withdrew 29 devices which they returned to Nettcash and were left with 38 devices.
It is alleged that Madzima connived with Blessed Rugoho, Tinaye Mutevera, Tinotenda Mamvura and Innocent Gatsi and created access codes to sell electricity coupons without the company’s knowledge.
They managed to sell $109 770,50 worth of coupons.
The offence came to light in November last year when reconciliation between the sales declared and cash banked revealed huge variances.
An audit was conducted and the scam was unearthed.
Petrotrade lost $109 770, 50 and nothing was recovered.