South Africa’s former finance minister, Nhlanhla Nene has been appointed a non-executive director at investment management firm, Allan Gray. Confirming the appointment, a spokesperson at the investment management firm said, Nene was appointed at a board meeting on Monday morning.
Nhlanhla Nene’s Undignified Dismissal
The preferred ex-finance minister witnessed an uncivil dismissal from his position in December 2015. His removal, which led to a public outcry subsequently made him resign from Parliament a few days later.
We will recall that at the time of Nene’s dismissal, Zuma asserted that he decided to remove “Mr Nhlanhla Nene as minister of finance, ahead of his deployment to another strategic position”.
He elaborated that the urgency of the changes in the leadership of the National Treasury was prompted by the need to send nominations to Shanghai, the head of the African Regional Centre of the New Development Bank/Brics Bank, to be based in Johannesburg.
“Mr Nene is our candidate for this position,” Zuma said at the time.
But, many believed that Nene was sacked after he gave South African Airways Chair Dudu Myeni a stern warning that should the SAA board move on with a deal without his consent, it would amount to financial misconduct.
However, Nene was subsequently replaced by President Zuma’s quickie and out-of-favour friend, Van Rooyen. Rooyen’s new post was however reassigned by Zuma after four days, following the crashing of the rand. And in the face of the dwindling Rand, Zuma was propelled to replace Rooyen with Pravin Gordhan as finance minister.
More so, stepping into Nene’s shoes has not been easy for Gordhan as the economic expert has come under criticisms and investigations from his foes. His battle with SARS commissioner Tom Moyane made headlines last month. That notwithstanding, Gordhan asserted that President Zuma promised to put an end to the scuffle.