Online Reporter
Farirai Machivenyika
Senior Reporter
The Mutapa Investment Fund’s gross assets were valued at US$16 billion as at December 31 last year, following a valuation exercise carried out by several independent auditors.
This was revealed by MIF chief executive Dr John Mangudya yesterday when he appeared before Parliament’s Public Accounts Committee.
The Auditor-General had noted that there was no valuation of the MIF’s assets at its inception in 2023, when the Sovereign Wealth Fund of Zimbabwe was rebranded and restructured to its current status, a contravention of accounting procedures.
The MIF was established in 2023 and serves as a State-owned investment vehicle meant to enhance the value of national assets for the benefit of both future and current generations. At least 30 State-owned enterprises have been transferred to the fund.
“On the day of formation, there was no take-home balance or initial recognition of the assets.
“But the assets were in existence because they are not new assets. They are assets coming from existing entities, like, for example, ZESA Holdings. There was always ZESA Holdings even before the transfer,” Dr Mangudya said.
He added that Government had since provided funding for the MIF to evaluate the entities under its purview.
“So we employed a number of independent accounting firms to do the valuations,” he said.
“What we have done, Chairman, is that once the funds were put in place and the board was put in place, we then went on to do the valuations of all the entities and we were very happy with the way that it happened, to come up with the numbers.”
