According to The Herald the move comes despite a Supreme
Court ruling in February this year that overturned a High Court order granting
ownership to the State, including the authority to appoint directors to the
firm’s board.
The ownership of CAPS has been mired in controversy since
2015 when the Government entered into a share purchase agreement with CAPS’
beneficial owner Mr Fred Mutanda, who holds a controlling 88 percent stake in
the company.
However, Mr Mutanda alleges that the Government later
pulled out of the deal, rendering subsequent actions null and void. In a letter
to Mr Mutanda about two weeks ago, Industry and Commerce Secretary Dr Utete
Wushe said the Government would now address the matter through Mutapa.
“Reference is made to your letter dated 20 September 2024
regarding the acquisition of your shares in CAPS Health Care and Manufacturing
by the Government of Zimbabwe,” read part of the letter.
“We have carefully considered your request and have
consulted with our principals. After a thorough review, we have been informed
that your matter will be handled by the Mutapa Fund. The Mutapa Fund is a
reputable financial institution with a proven track record in managing complex
transactions.
“They are well-equipped to address the specific nuances of
your situation and will provide you with the necessary guidance and support.
“We believe that engaging with the Mutapa Fund will ensure
a fair and efficient resolution to your matter.”
Mr Mutanda confirmed receiving the letter, saying he now
awaited engagement with Mutapa on the way forward, once official protocols
regarding the transfer of the matter to the sovereign wealth fund are
completed.
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