Zimbabwe: Mnangagwa Sued Over 'Controversial' Mutapa Investment Fund

  • 📰 allafrica
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 99%

Finance Finance Headlines News

Finance Finance Latest News,Finance Finance Headlines

President Emmerson Mnangagwa has been taken to court following the promulgation of the Mutapa Investment Fund which critics have called a ploy to loot state resources.

Mnangagwa was sued by a Harare lawyer, Fredrick Nyamande who also cited the Parliament of Zimbabwe and the Mutapa Investment Fund as respondents.

Nyamande complained that the Statutory Instrument gives Mnangagwa unfettered powers to appoint the chief executive officer and all eight members of the Mutapa Investment Fund board. Among other things, Nyamande also complained that there is a clear violation of the procurement legislation of the nation which is even legislated for in the supreme law of the land.

"This is a contravention of, and it is inconsistent with, section 134 of the Constitution of Zimbabwe.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in FİNANCE

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Talk – PSG Head of Securities Wendy Myers on the importance of investment diversificationPSG Head of Securities Wendy Myers unpacks the risks associated with having a badly-balanced investment portfolio.
Source: BusinessTechSA - 🏆 24. / 61 Read more »

The benefits of a multi-manager investment approachThis approach provides investors access to a broader range of investment expertise and specialist portfolio management skills, which can achieve more favourable, risk-adjusted outcomes.
Source: Moneyweb - 🏆 5. / 77 Read more »

SA’s largest investor reduces its exposure to basket-case state-owned enterprisesSince 2019, the Public Investment Corporation’s financial support of SOEs has been declining.
Source: dailymaverick - 🏆 3. / 84 Read more »