EFFORTS are being intensified to resuscitate entities such as the Cold Storage Company while the rebundling of companies under ZESA Holdings is ongoing, Mutapa Investment Fund chief executive officer Dr John Mangudya has said.
Speaking when he appeared before Parliament’s Public Accounts Committee on Monday to respond to issues raised in the organisation’s 2025 audited accounts by the Auditor General, Dr Mangudya said they continue to work towards turning around the performance of some entities transferred to its portfolio.
Mutapa’s gross assets were valued at US$16 billion as at December 31 last year, following a valuation exercise carried out by several independent auditors engaged by management of the country’s sovereign wealth fund.
The Auditor General had noted that there was no valuation of MIF assets at its inception in 2023 when the Sovereign Wealth Fund of Zimbabwe was rebranded and restructured to its current status, a situation that contravened accounting procedures.
The MIF was established in 2023 and serves as a State-owned investment vehicle meant to enhance the value of national assets for the benefit of current and future generations.
At least 30 State-owned enterprises have been transferred to the MIF.
“On day of formation, there was no take home balances or initial recognition of the assets. But assets were in existence because they are not new assets. There are assets coming on from the existing entities, like for example, ZESA Holdings. There was always ZESA Holdings even before the transfer,” he said.
Dr Mangudya said Government had since provided funding for the MIF to evaluate the entities under its purview.
“So, we employed a number of independent accounting firms to do the valuations,” he said.
“So, what we’ve done, Chairman, is that once the funds were put in place and the board was put in place, we then went on 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
“That’s why we had to do all the valuations, which when I look at those valuations, US$16 billion gross and US$14,7bn fair asset value, we think that, as of that time, that was a fair value for our assets, of which we can certify it,” Dr Mangudya said.-herald
