Embattled business partners Moses Mpofu and Mike Chimombe have said they will be approaching the Supreme Court to appeal against a High Court ruling dismissing their application for bail pending appeal.

The two are accused of siphoning US$7 from the government using a non-existent company which had won a tender to supply goats for the Presidential Goats Scheme.

High Court judge Justice Pisirayi Kwenda on Thursday threw out the duo's application ruling that they are facing a very serious offence which could land them in jail for 20 years if convicted.

Through their lawyer, the partners said they are not happy with the ruling and do not agree with Kwenda's reasoning in denying them bail.

"We respect the judgement of the court, we have taken note of the court's advice but we are clearly disappointed by the outcome, " said Professor Lovemore Madhuku who is representing Chimombe.

He added, "We are also not in agreement with the reasoning of the judge.

"Our clients have a right to appeal to the Supreme Court and we have been given instructions to do so, so we will be appealing as soon as we get the full judgment."

The two have been in jail since their arrest in June last year.

Their several bail applications were dismissed by both the Magistrates and the High Court.

Their trial is expected to commence on February 10, running on a continuous roll.

The two will be back in court this Friday for a bail hearing in another case they are accused of abusing State funds in a botched streetlights tender scandal.