Business Reporter
THE defunct Zimbabwe Iron and Steel Company (ZISCO) is poised for an aggressive turnaround following government’s directive to place it under the Mutapa Investment Fund (MIF)
MIF is the Sovereign Wealth Fund of Zimbabwe which was established in 2014 by an Act of Parliament, the Sovereign Wealth Fund of Zimbabwe Act [Chapter 22:20]. Originally established as the Sovereign Wealth Fund of Zimbabwe, it was fully operationalised and renamed Mutapa Investment Fund on 19 September 2023.
The fund was capitalised through the vesting of shares in thirty (30) State-Owned Enterprises (SOEs) and investments under the Government portfolio.
In the latest development, President Emmerson Mnangagwa has moved to place the defunct ZISCO under the MIF , in a move aimed at reviving the collapsed steelmaker.
The latest amendment means ZISCO , once the backbone of Zimbabwe’s industrial sector but now lying idle after years of mismanagement and debt , will now be overseen by the Mutapa Investment Fund Board.
His excellency has in terms of Sovereign Wealth Fund of Zimbabwe Act (Chapter 22:01) (No. 7 of 2014) and after consulting the Mutapa Investment Fund Board makes the following notice:
“This notice maybe cited as the Sovereign Wealth Fund of Zimbabwe Act (Chapter22:201 (No.7 of 2014) is amended by the addition of the following item-Zimbabwe Iron and Steel Company Limited,Registration Number 926/1956)”
The amendment means ZISCO has now been formally added to the list of companies whose shares are vested in the Mutapa Investment Fund , a state vehicle tasked with managing and commercializing government owned assets .
The steel giant was closed inJanuary 2008 due to alleged systematic corruption and mismanagement.
