In case anyone believes that Mutapa Investment Fund is a sovereign fund for the benefit of Zimabwe citizens, a recent investigation by the sentry confirms that it is just another ZANU-PF corrupt slush fund designed to transfer wealth from the ordinary Zimbabwe people to ZANU-PF;
Zimbabwe’s sovereign wealth fund reportedly paid a “grossly inflated” $1.6-billion to a set of unknown private individuals to buy their shares in a mining conglomerate with recent links to Kudakwashe Tagwirei, a controversial presidential adviser and ruling party donor accused of corruption.The massive debt-fuelled transfer of public wealth, an amount equivalent to 5% of the nation’s GDP, to Kuvimba Mining House, is exposed in an investigation by The Sentry, a US-based investigative organisation that tracks corruption.The Sentry said in a report published on Wednesday that evidence acquired by the Zimbabwean media outlet The 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.
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