Kuvimba Mining House ownership, assets, reports raise a sting in Parliament

The government-owned Kuvimba Mining House which has been a subject of speculation since its formation with some reports saying it is owned by controversial businessman Kuda Tagwirei came under the spotlight last week when Harare North legislator Norman Markham demanded to know who owns it, what it owns and how it got what it owns.

The response from Deputy Finance Minister Clemence Chiduwa was quite interesting and seemed to have raised a lot more unanswered questions.

Though the mining house has been in the news recently as the one that is going to revive the Zimbabwe Iron and Steel Company (ZISCO), the former steel giant was not mentioned among its subsidiaries.

Dzivaresekwa legislator Edwin Mushoriwa literally protested that Chiduwa was lying to Parliament.

Here is what fully transpired.

ESTABLISHMENT PROCESS OF KUVIMBA MINING HOUSE

MARKHAM asked the Minister of Finance and Economic Development to explain the following to the House:

• the establishment process and date of creation of Kuvimba Mining House;
• The legal instrument for its establishment, given that Government is the majority shareholder;
• Who the shareholders are, the percentage of their shares and what the contributions are in the company;
• Where the company is registered and what its sister or sub companies are;
• who are the other shareholders directors with interests in the company and to further clarify whether the directors of the company since its inception have changed;
• What the current asset value of Kuvimba Mining House is – including definable resources; 
• and to further confirm whether a tender was issued for any disposal or acquisitions of State assets and/or enterprises.

THE DEPUTY MINISTER OF FINANCE AND ECONOMIC DEVELOPMENT (HON. CHIDUWA): Mr. Speaker Sir, in response to the questions asked by the Hon. Member regarding Kuvimba Mining House.  Kuvimba Mining House Private Limited is a private company incorporated in accordance with the laws of Zimbabwe.  It was registered in September, 2020.  The legal instrument, Kuvimba Mining House is a company registered in accordance with the Companies and Other Business Entities Act.   Government and other special interest groups acquired ordinary shares in the company resulting in the company becoming a shareholder along with other shareholders.  The shareholders are as follows:

• Government of Zimbabwe with a shareholding of 21.5%,
• Datvest Nominees which is on behalf of farmers’ compensation with 12.5%,
• National Venture Fund Private Limited with 7.5%,
• Public Service Pension Management Fund with 7%,
• Sovereign Wealth Fund of Zimbabwe with 6.5%,
• Insurance and Pensions Commission (IPEC) with 5%,
• Deposit Protection Corporation with 5% and
• Other private sector investors with 35%.

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