Business Reporter
THE Mutapa Investment Fund (MIF) says all operations are aligned to water tight checks and balances to achieve the highest standards of accountability.
The MIF is the Sovereign Wealth Fund of Zimbabwe, established by The Sovereign Fund Act, Chapter [22.20], as amended. It is the strategic arm of the government, capitalized with the transfer of strategic state-owned enterprises and investments.
It is not just a resources-based wealth fund but a diversified investor in various sectors, including mining, real estate, financial services, logistics, food, and retail in a development which ensures the portfolio is not affected by commodity price shifts, insulating the fund from market turbulence and allowing the government to play a pivotal role in growing critical sectors of the economy.
The MIF CEO, Dr John Mangudya told a state controlled publication recently that the organization upholds the highest standards of accountability, effectively watering down speculative fears of resources plunder by skeptics.
“The fund upholds the principles of good corporate governance practices, transparency and high level of integrity. The fund is required, at law to produce proper accounts and keep records in respect of its activities , funds and property including such accounts and records in respect of its activities , funds and property, including such accounts and records in terms of section 24 (2) of SWF Act,” he said.
The renowned banker and business leader highlighted that the fund is subject to audit by an auditor registered in terms of the Public Accountants and Auditors Act and is subject to internal audit in terms of the Public Finance Management Act.
Apart from that, he said the MIF is compelled to submit a quarterly report on its operations and activities to the Minister of Finance over and above annual reports to the President and the Minister of Finance on its operations and activities during the preceding year.
“The annual report will include the audited the financial statements of the fund, an assessment of the internal and external audits and risk management control systems in place.
“The Minister of Finance in turn is required by the SWF Act to table before Parliament all reports submitted to him by the fund no later than 30days after receiving them or within 30 days of the first sitting of Parliaments after the Minister of Finance receives them, whichever is applicable,” added Mangudya.
