Harare lawyer and businessman Frederick Nyamande has taken President Emmerson Mnangagwa to court over the controversial Mutapa Investment Fund which he argues allows him to loot public resources.
Mnangagwa is jointly sued with the Parliament of Zimbabwe and Mutapa Investment Fund, an entity which was created by the Presidential Powers Regulations also known as Statutory
Instrument 156 of 2023.
The decree is an amendment to the Sovereign Wealth Fund Zimbabwe Act (Chapter 22:20).
The Attorney-General and Justice minister Ziyambi Ziyambi were also cited as respondents in the urgent chamber application.
Mutapa Investment Fund is a pool of resources, that is public equities, commodity royalties and allocations from the government that will be invested
The history of the fund dates back to 2014 and has clear objectives such as to invest for future generations and support the country’s development goals, among other objectives.
On 19 September, Mnangagwa controversially promulgated the SI which changed the name of the sovereign wealth fund to Mutapa Investment Fund, sparking uproar.