https://www.dailymaverick.co.za/article/2024-07-03-zimbabwes-sovereign-wealth-fund-paid-grossly-inflated-1-6bn-for-shares-in-mining-house/"The Sentry said in a report published on Wednesday that evidence acquired by the Zimbabwean media outletThe NewsHawks, indicated that $1.6-billion in public debt was used by the Mutapa Investment Fund (formerly known as the Sovereign Wealth Fund of Zimbabwe), to purchase shares in Kuvimba, which owns about a dozen gold, lithium, nickel and platinum mines.
"The Sentry’s analysis suggests that Mutapa paid a grossly inflated price for the shares,” it said. The report noted that until recently, the state had owned 65% of Kuvimba and private investors had held 35% of the shares.
But in April,The NewsHawksrevealed that Mutapa had bought out the private investors for $1.6-billion using government debt.
...an amount equivalent to 5% of the nation’s GDP"
