Zimbabwe’s Sovereign Wealth Fund Paid ‘Grossly Inflated’ $1.6bn for Shares in Mining House

Authorities in Zimbabwe have refused to disclose who got the massive payout, an amount equivalent to 5% of the nation’s GDP.

Zimbabwe’s sovereign wealth fund reportedly paid a “grossly inflated” $1.6-billion to a set of unknown private individuals to buy their shares in a mining conglomerate with recent links to Kudakwashe Tagwirei, a controversial presidential adviser and ruling party donor accused of corruption.

The massive debt-fuelled transfer of public wealth, an amount equivalent to 5% of…