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Former minister <a href="https://www.pindula.co.zw/Saviour_Kasukuwere/">Saviour Kasukuwere </a>has criticised President Emmerson Mnangagwa for exempting 20 companies under the Mutapa Sovereign Wealth Fund from public procurement procedures. 
President <a href="https://www.pindula.co.zw/Emmerson_Mnangagwa/">Emmerson Mnangagwa</a> has exempted companies under the <a href="https://www.pindula.co.zw/Mutapa_Investment_Fund/">Mutapa Investment Fund</a> (formerly the Sovereign Wealth Fund) from the Public Procurement and Disposal of Public Assets Act in Zimbabwe. This means that the companies under the fund, including TelOne, Kuvimba Mining, <a href="https://www.pindula.co.zw/Petrotrade/">Petrotrade,</a> and Noczim, are no longer required to follow the procurement procedures outlined by the Procurement Regulatory Authority of Zimbabwe when acquiring goods and services.
Kasukuwere believes this is a clear abuse of power and demonstrates a lack of integrity on the part of the ZANU PF leader. In a statement seen by Pindula News, he calls on all Zimbabweans who care about the country’s future to send a strong message to the president. He also expressed concern about the personalisation and misuse of state assets at the expense of citizens. He said:
<blockquote>
<h3>Mnangagwa’s Presidential Decrees Open Door to Massive State Asset Looting </h3>
The recent renaming of the Sovereign Wealth Fund into the so-called “Mutapa Fund” by presidential decree and the subsequent transfer of selected state enterprises into that fund has shocked many and naturally attracted serious concern regarding the motives behind such a brazen move, especially without the consent of parliament, which is still to convene and is meant to protect the interests of citizens. Further to that, there is the recent promulgation, again by presidential decree, of a new statutory instrument that seeks to exempt the Mutapa Fund from the Public Procurement and Disposal of Public Assets Act (Chapter 22:23). There is no debate that public procurement procedures and the disposal of public assets have a profound impact on a nation’s developmental trajectory. Any country that wishes to maximize benefits from its assets and resources in a responsible manner and is also serious about accountability and transparency, therefore, needs to ensure that it has the appropriate laws, policies, and regulations in place to safeguard such public assets and resources from fraud and abuse. To protect state resources or assets from abuse, it is critical that there are:
• Comprehensive and binding legal frameworks,
• Effective monitoring and auditing procedures to ensure compliance with the regulations,
• Standard terms and conditions of contracts,
• Improved transparency and public availability of rules governing the process. It is in this spirit that Zimbabwe enacted the Public Procurement and Disposal of Public Assets Act (Chapter 22:23), whose primary purpose is to provide for the control and regulation of procurement and the disposal of public assets to ensure that such procurement and disposal are conducted in a manner that is transparent, fair, honest, cost-effective, and competitive.
The key objectives of this Act are as follows:
1. To ensure that procurement is conducted in a manner that is transparent, fair, honest, cost-effective, and competitive.
2. To promote competition among bidders.
3. To provide for the fair and equitable treatment of all bidders leading to procurement contracts that represent good value for money.
4. To promote the integrity of, and fairness and public confidence in procurement processes.
5. To ensure the implementation of any environmental, social, economic, and other policies authorized or required by any law to be taken into account by a procuring entity in procurement proceedings. 
The exemption of any state entity from this Act not only indicates a profound disregard for the interests of citizens at large and the rule of law but also shows an abhorrence of any accountability or transparency whatsoever by the President. The negative implications of such a move are numerous and mean that those assets clandestinely transferred into the Mutapa Fund are now subject to gross abuse and looting without public disclosure or any recourse. 
Exempting the fund from such critical oversight means, first, there will be no obligation by the state to follow due process regarding the procurement of goods and services by the fund, thus exposing it to unmitigated risk. Second. such assets can be disposed of. not necessarily at fair value, and to individuals with close ties without any accountability whatsoever. 
In short, Zimbabweans have been dispossessed of effective and judicious control of state assets, and Mnangagwa has, in effect, taken full control of them under the Mutapa Fund without being answerable to anyone on how these assets operate or are disposed of in the future. This entrenches only his interests in what are essentially public assets. If this is not a brazen abuse of power and a lack of judgment and probity, what is it? 
Therefore, it is our considered view that all Zimbabweans who have the future interests of our country at heart must send a clear and unequivocal message to this President: Enough is Enough! We cannot sit idly by as state assets are personalized and abused at the expense of citizens. Sokwanele! Zvakwana!
</blockquote>
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Kasukuwere Urges Zimbabweans To Oppose Mnangagwa's Exemption Of Mutapa Fund From Procurement Procedures

President Emmerson Mnangagwa has used the Presidential Powers (Temporary Measures Act) to rename the Sovereign Wealth Fund of Zimbabwe as the Mutapa Investment Fund (MIF).
He also transferred the shareholding of 20 state-owned companies to the renamed Mutapa Investment Fund (MIF). The Vesting of Shares of these Companies in the Mutapa Investment Fund was stated under the Fourth Schedule (Section 14 (4)). The companies are:
– Defold Mine (Private) Limited – Reg. No. 6030/2015 
– Zimbabwe United Passenger Company Limited – Reg. No. 504/1980 
– Kuvimba Mining House (Private) Limited – Reg. No. 13291/2020 
– Silo Investments (Private) Limited – Reg. No. 3460/1992 
– National Oil Company of Zimbabwe (Private) Limited – Reg. No. 531/1983 
– Cold Storage Commission Limited – Reg. No. 716/1995 
– Petrotrade (Private) Limited – Reg. No. 5608/2010 
– POSB – People’s Own Savings Bank 
– NetOne Cellular (Private) Limited – Reg. No. 2225/2000 
– National Railways Holding Zimbabwe – Reg. No. 10057/1998 
– Tel-One Private Limited – Reg. No. 4658/2000 
– Arda Seeds (Private) Limited – Reg. No. 21896/2007 
– Zimbabwe Power Company (Private) Limited – Reg. No. 6951/1996 
– Powertel Communications (Private) Limited – Reg. No. 5818/1999 
– Allied Timbers (Private) Limited – Reg. No. 3964/2000 
– Telecel Zimbabwe (Private) Limited – Reg. No. 360/1995 
– Air Zimbabwe Private Limited – Reg. No. 10852/1997 
– Industrial Development Corporation of Zimbabwe 
– Cottco Holdings Limited – Reg. No. 20924/2008 
– AFC Limited – Reg. No. 3339/2021 
– Hwange Colliery Company Limited – Reg. No. 381/1954 
– National Railways of Zimbabwe (Private) Limited – Reg. No. 10057/1998
The Sovereign Wealth Fund of Zimbabwe is a financial entity established by the government of Zimbabwe to manage and invest surplus funds generated from the country’s natural resources, such as minerals and commodities. Its primary objective is to preserve and grow national wealth for the benefit of current and future generations. The fund is designed to diversify Zimbabwe’s economy, promote sustainable development, and provide a buffer for economic shocks. It typically invests in a range of assets, including stocks, bonds, real estate, and infrastructure projects, both domestically and internationally.
The Sovereign Wealth Fund of Zimbabwe has been renamed the Mutapa Investment Fund through substantial amendments to the relevant Act. Key features include the allocation of funds towards fulfilling the Fund’s objectives and the ability to invest surplus funds. Shares held by the government in listed companies will become part of the Fund’s initial capital. The Fund is authorized to transfer various funds in and out of Zimbabwe. However, tax obligations must be fulfilled before any transfers take place. In exceptional cases of financial difficulties, the Reserve Bank of Zimbabwe may impose temporary restrictions on Fund-related payments or transfers on a fair and non-discriminatory basis.
The Mutapa Investment Fund (MIF) has controversial privileges, including the ability to move foreign currency out of Zimbabwe, raising concerns about transparency and accountability. Critics argue that President Mnangagwa bypassed parliamentary powers and failed to involve necessary debate. They also highlight the government’s lack of understanding regarding the role of a sovereign wealth fund in diversifying the economy. Concerns exist about the profitability of state-owned enterprises transferred to the MIF and the need for economic reforms. The government’s use of statutory instruments without parliamentary involvement is criticized for undermining democratic processes and transparency.
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