Mangudya briefs Parliament on Mutapa Investment Funds’ US$14 billion fair value status
MUTAPA Investment Fund (MIF) Chief Executive Officer, John Mangudya this week briefed Parliament on steps taken to arrive at the fund’s fair value status in response to concerns raised by the Auditor General. MIF is the Sovereign Wealth Fund of Zimbabwe which was established in 2014 by an Act of Parliament, the Sovereign Wealth Fund […] The post Mangudya briefs Parliament on Mutapa Investment Funds’ US$14 billion fair value status appeared first on NewZimbabwe.com.
Black News 
MUTAPA Investment Fund (MIF) Chief Executive Officer, John Mangudya this week briefed Parliament on steps taken to arrive at the fund’s fair value status in response to concerns raised by the Auditor General.
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 September 19, 2023.
The fund was capitalised through the vesting of shares in a number of State-Owned Enterprises (SOEs) and investments under the government portfolio.
The Auditor General’s report had raised questions on the non-existence of a MIF fair value at the time of establishment of the organisation in direct contravention of accounting standards.
But responding to issues raised before the Public Accounts Committee, Mangudya outlined the precedent tasks that needed to be undertaken when MIF was established.
He underscored that establishing a fair value on formation was unworkable without an operational structure at hand.
He said when the MIF was formed there was no take home balances or initial recognition of the assets despite the existence of assets flowing in from already established entities like ZESA Holdings.
“So, when the government provided funding for the MIF to evaluate the entities under its purview. We employed a number of independent accounting firms to do the valuations. What we’ve done, Chairman is that we have put in place a management board. This enabled us to do the valuations of all the entities, and we were very happy with the way that it happened, to come up with the numbers on assets value,” he said.
He said the US$16 billion assets value of the MIF portfolio provided US$14,7 billion fair asset value, according to the latest audit report.
The post Mangudya briefs Parliament on Mutapa Investment Funds’ US$14 billion fair value status appeared first on NewZimbabwe.com.
