My new job is part of 'private sector capture', Nene jokes

2016-04-20 11:47

Umlazi - Erstwhile finance minister Nhlanhla Nene, an invited luminary at the Mangosuthu University of Technology’s graduation ceremony, joked that he had moved to the private sector as part of “private capture”.  

Nene was honoured at the ceremony of the faculty of management sciences on Wednesday for his contribution to nation building in South Africa.

In a press briefing before the ceremony began, Nene joked about his move from the public service into the private sector.

Nene was removed from his post as finance minister by President Jacob Zuma in December last year.

His sacking prompted chaos in the markets, and he resigned as a member of Parliament several days later.

This week it was announced that he had been appointed as a non-executive director at Allan Gray.

"A lot has been said about state capture, and what I have said is that perhaps my move to the private sector should be viewed as private sector capture."

He said the rift between the public and private sector should be discouraged and that he hoped his move would further contribute to the prosperity of the country.

Amidst much controversy, Nene was replaced by little-known ANC backbencher Des van Rooyen in December, who was then shifted out of the portfolio four days later, and replaced with Pravin Gordhan.

At the time of Nene’s dismissal, Zuma said that he had decided to strategically deploy him to another position in Brics.  

Read more on:    nhlanha nene  |  durban

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.