THE Mutapa Investment Fund’s (MIF) US$1,9 billion acquisition of a 35 percent stake in Kuvimba Mining House in 2024 was above board.
So said MIF chief executive, John Mangudya, who added yesterday that due diligence was also done regarding the valuation of the deal.
This follows social media claims that have suggested that the deal was over-valued and that it is only benefiting a handful of individuals.
Mangudya said the valuation of KMH was carried out by two independent advisory firms which came up with a median value of US$3,2 billion of KHM as at October 31, 2023.