Nene appointed to Allan Gray board - report

Former finance minister Nhlanhla Nene. (Bloomberg)
Former finance minister Nhlanhla Nene. (Bloomberg)

Cape Town - Former finance minister Nhlanhla Nene has been appointed a non-executive director at Allan Gray.

A spokesperson at the company told Fin24 sister publication City Press that Nene was appointed at a board meeting on Monday morning.

“We are very happy to have someone of Mr Nene’s experience on our board, and we are grateful that he chose to accept the appointment. We are looking forward to his strategic and leadership contribution to the board,” said Ian Liddle, Allan Gray chairperson of the board, in a statement.

Nene was replaced as finance minister in December by the little-known Des van Rooyen, sending the markets and the rand into free fall. Pravin Gordhan was almost immediately parachuted in to bring calm to the country’s economic crisis.

In removing the respected minister from the crucial role, President Jacob Zuma said Nene was the preferred candidate to head the Africa Regional Centre of the new Brics Bank.

Nene has yet to hear from the Brics Bank, he told eNCA in an interview last week.

Asked whether he would take the post if formally offered to him, Nene said: “That will depend on the profile of the job.”

Democratic Alliance MP David Maynier welcomed Nene's appointment. "The former minister has been treated shockingly by President Jacob Zuma and the ANC. The suggestion that he would be appointed to a position in the Brics Bank now looks like a blatant lie."

"The former minister did his best to do the right thing and hold the fort at National Treasury. We wish him well in his new position and hope that it will not be too long before he returns to public life in South Africa."

Nene told Media24 last Monday that he is preoccupied with other matters at his home in KwaZulu-Natal and did not want to weigh in on the political battles that have rocked South Africa.

“Until I make my next move, I am enjoying intimate time with my family, and also doing my gardening,” he said when contacted telephonically.

ZAR/USD
17.62
(-1.25)
ZAR/GBP
23.01
(-0.54)
ZAR/EUR
20.78
(-0.41)
ZAR/AUD
12.62
(-0.16)
ZAR/JPY
0.17
(-0.83)
Gold
2031.70
(-1.76)
Silver
28.22
(-5.12)
Platinum
963.00
(-3.55)
Brent Crude
45.10
(-0.18)
Palladium
2177.00
(-2.22)
All Share
56757.73
(-1.56)
Top 40
52435.65
(-1.72)
Financial 15
9897.96
(+0.10)
Industrial 25
74671.49
(-1.98)
Resource 10
58948.78
(-1.89)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 926 votes
It depends on how the funds are used.
74% - 6216 votes
No. We should have gotten the loan elsewhere.
15% - 1278 votes
Vote