Zimbabwe Court Grants Bail to Head of State Power Company

(Bloomberg) -- A Zimbabwean magistrate granted bail to Zimbabwe Electricity Transmission & Distribution Co. Chief Executive Officer Joshua Chifamba and two other executives, after they appeared in court on charges related to a tender.

The three were freed on bonds of $3,000 each, Chief Magistrate Mishrod Guvamombe said Thursday in the capital, Harare. They were ordered to surrender their travel documents, title deeds to the value of $250,000 each, report twice a week to a police station and not to interfere with witnesses.

None of them were asked to enter a plea.

Police arrested Chifamba on Wednesday to face charges that “relate to a $35 million tender involving an Indian company called PME,” police spokesman Paul Nyathi said. Noida, India-based PME Power Solutions India Ltd. is a manufacturer of power transformers.

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