Attributed Source: Nehanda Radio
"The decision by President Emmerson Mnangagwa to rename the Zimbabwe Sovereign Wealth Fund into Mutapa Investment Fund has been described as an astonishing creation of a launchpad for large scale looting of Zimbabwe’s natural resources and economic wealth."
"Mnangagwa, on 19 September, through the Statutory Instrument 156 of 2023 (SI 156/2023), invoked his Presidential Powers to temporarily amend the investment laws to rename and upgrade the old Sovereign Wealth Fund and transfer the shares in the 20 State-owned enterprises to the Mutapa Fund."
"The President exempted the Mutapa Investment Fund from the provisions of the Procurement Act. This means that the funds held under the Mutapa Investment Fund can be spent without due procedure and without public scrutiny."
"Human rights lawyer Siphosami Malunga said: “The unconstitutional Mutapa Investment Fund in Zimbabwe, is not a Sovereign Wealth Fund but an un-transparent, unaccountable, personalised funnel for appropriation and privatisation of Zimbabwe’s entire public wealth and resources and the greatest national heist since Cecil John Rhodes.”"
"He literally transferred the government shareholding in a large block of 20 State-owned companies to the Mutapa Investment Fund, the upgraded and renamed Sovereign Wealth Fund."
Other commentaries:
Tendai Biti; describing it as an unconstitutional capture of the country’s funds. Biti made the remarks in an interview with Heart & Soul TV, an Alpha Media Holdings online TV and radio station.
President Emmerson Mnangagwa on September 19 gazetted Statutory Instrument (SI) 156 of 2023, which changed the name of the Sovereign Wealth Fund of Zimbabwe to Mutapa Investment Fund. The SI brought 20 State-owned entities under one roof.
“The instrument does not meet the test of the law and must be rejected as it is illegal. This law was unnecessary,” Biti said.
“They are transferring the public shares into a private vehicle. The government already owns the shares, I think the issue is to sell shares as quickly as possible without public scrutiny.”
FORMER Finance minister Tendai Biti yesterday tore into the Mutapa Investment Fund, describing it as an unconstitutional capture of the country’s funds. Biti made the remarks in an interview with Heart & Soul TV, an Alpha Media Holdings online TV and radio station.
What Can We Do?
First we can edit the new Wiki Page on the Mutapa Fund at this link EDIT WIKI WEB PAGE WITH THE REALITY
Next; Parliamentary debate. Then protest/petition IMF/World Bank/UN regarding fraud risks.
NOTE: this article is repeated on the CCC-Diaspora website CLICK HERE