Mutapa Fund a threat to national security, running country’s economy without parliamentary oversight- says Biti

Former Minister of Finance and Economic Development Tendai Biti says the establishment of the Mutapa Fund is a form of backdoor privatisation of parastatals.

He says this is a security threat to country’s sovereignty adding that a country cannot be run on corruption broadband.

“The Mutapa Fund has essentially been a back door privatization of 40 or so of the country s biggest & most important parastatals that include Hwange, NRZ, IDC & Net One.

“The Mutapa Fund now controls a huge chunk of the country’s balance sheet & yet it is not accountable to Parliament or a line ministry.

“It is huge Asset Management Fund, privately controlled, yet it houses State Assets. This kind of arbitrage & theft is a national threat.

“The process was done without individual valuations of the different parastatals & parliamentary scrutiny.

“The repeal of section 22 of the Sovereign Wealth Fund Act which prevents the Mutapa Fund from securitising the shares of parastatals it now controls is proof of arbitrage on steroids. This regime has no limits, nor elasticity, no shame.

“The Mutapa Fund & those who control it are a national threat to the country’s sovereignty. A country can’t be run on the philosophy and polity of looting for the sake of looting.

“The class of 2017 is a cabal, a ruthless brood whose only interest is to loot Zim dry. Self respecting decent wananchi should say NO,” he says.

Zwnews