Nhlanhla Nene joins Allan Gray board of directors


South African Finance Minister Nhlanhla Nene arrives to deliver his 2015 budget speech to parliament in the National Assembly, Cape Town, South Africa, 25 February 2015.

JOHANNESBURG -- Allan Gray has confirmed that former Minister of Finance Nhlanhla Nene has been appointed the new non-executive director of its South Africa operations.

In a statement issued on Monday, Allan Gray said it was happy to have someone of Nene’s calibre join its ranks.

“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, chairman of the board.

In an exclusive interview last week, Nene told eNCA he would be joining the private sector.

This put in doubt claims by President Jacob Zuma that Nene had been asked to step down as finance minister for a new position at the Brics bank.

Last week, Zuma reiterated his claim about Nene&39;s Brics Bank position, saying he had "publicly stated on several occasions that South Africa nominated Mr Nhlanhla Nene for the position of head of the African regional centre of the New Development Bank."

Nene said he had been surprised by the magnitude of negative reactions by the markets after he was replaced by Minister Des Van Rooyen in December, who was also later replaced by Pravin Gordhan. 

“We are in a global economic village and whatever happens in our country will have an impact in the markets, and of course I was surprised by the magnitude because I would have thought that, as a mere mortal, it would, even if there was a movement in the markets, it would be something that would be short lived, but indeed I was a bit taken aback”, said the former minister.

For Nene&39;s full exclusive interview with eNCA reporter, Siphamandla Goge, watch the video in the gallery above.


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