Business Reporter
CLAIM : On the 7th and 8th of April 2025 two publications , (1) https://www.zimbabwenow.co.zw/articles/14394/mutapa-investment-funds-initial-valuation-remains-shrouded-in-secrecy and (2) https://www.newzimbabwe.com/mutapa-investment-fund-value-shrouded-in-secrecy/ published news articles suggesting that the Mutapa Investment Fund total assets remains secretive in terms of aggregate worth.
The matter came to light during a parliamentary session where Senator Moses Manyengavana sought clarity on the fund’s financial strength at its inception and its current value, emphasizing the public’s right to know how national assets are being managed.
However, Justice Minister Ziyambi Ziyambi, speaking on behalf of the government, said the MIF is still in the process of quantifying the value of the companies under its purview. He explained that the fund is conducting its own audits to establish a comprehensive valuation, rather than relying on historical data from when the entities were managed separately.
Senator Sesel Zvidzai further pressed the minister on whether the government was unaware of the fund’s initial financial position at its inception. Minister Ziyambi denied this, stating that the companies were previously administered separately and the MIF is now consolidating their valuations. He added that evaluators had been engaged to determine the current value of the holdings.
Is it True or False that MIF value is unknown: FALSE
In October 2024 , Mutapa Investment Fund disclosed that it has US$16 billion worth of assets under management, according to John Mangudya, CEO of Zimbabwe’s sovereign wealth fund.
Mangudya told the Sunday Mail that Mutapa in June 2024 completed a “comprehensive diagnostic assessment” of its portfolio. “The fund appointed reputable accounting firms to conduct the valuation of assets under the management of the fund,” Mangudya said.
Mutapa holds state-owned interests spanning mining, agriculture, ICT, transport, banks, real estate, energy and trading. Companies under Mutapa include include the National Railways of Zimbabwe, Air Zimbabwe, TelOne, Cottco and Defold Mine – which now holds mining assets that were once under the Zimbabwe Mining Development Corporation. Mutapa also controls the National Oil Company of Zimbabwe, Petrotrade, POSB, ZESA, and Fidelity, the country’s sole gold refinery, the Zimbabwe Power Company, PowerTel, Allied Timbers, Telecel and Hwange Colliery.
In June 2023 , Mutapa received a 2023 dividend of an equivalent of US$2.2m NOIC. POSB delivered a dividend of US$590,000 for the first quarter of 2024.
Mutapa’s largest asset is Kuvimba Mining House, whose valuation has been questioned after a share sale last year that added to domestic debt.
