Chivayo was freed on $2,000 bail by the Harare High Court on Friday after almost a week behind bars, his bail bid having been earlier rejected by magistrate Elisha Singano on the grounds that he was a flight risk.
Chivayo was ordered not to interfere with witnesses; to surrender his passport and to continue residing at the same address until his case is finalised as part of his bail conditions.
He is accused of defrauding the Zimbabwe Power Company (ZPC) in a botched solar power deal.
His trial will start on August 27 this month.
Chivayo had won a tender to build a $200 million solar power plant in Gwanda, Matabeleland South. ZPC paid him up to $5,6 million for pre-commencement works, without signing a performance guarantee as required by law.
Prosecutors say Intratrek Zimbabwe, the company for which Chivayo was a director, should have never been granted the tender because it had no capacity to carry out the works.
Work worth just $48,000 had been carried out on the site when ZPC declared default. Prosecutors say millions of dollars had left the Intratrek account, most of it personal transactions.
Chivayo is being charged with money laundering, contravening the Exchange Control Act and fraud.
Following his release, Chivayo said on Twitter: “What doesn’t kill you only makes you stronger. I’m destined for greatness.”-Zimlive