Ricochet News

Former Finance Minister takes up position at Allan Gray

Former Finance Minister takes up position at Allan Gray

Investment firm Allan Gray has confirmed the appointment of former Finance Minister Nhlanhla Nene as a non-executive director with immediate effect.

On Monday, it was reported that Nene, who was fired by President Jacob Zuma in favour of little known African National Congress (ANC) MP David van Rooyen in December last year, was officially announced at a board meeting after revealing in an interview with eNCA last Wednesday that he was to take up a position in the private sector.

“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 Allan Gray board chairperson Ian Liddle told Fin24.

Shortly after dismissing Nene, Zuma announced that he would take up a position in the BRICS Banks with the main focus being on the funding of infrastructure in developing countries. Nene however resigned as an MP not long after being fired.

“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,” Democratic Alliance (DA) Shadow Minister of Finance, David Maynier said in a statement.

“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”.