Former South African finance minister Nhlanhla Nene on Monday was appointed a non-executive director at investment management firm Allan Gray, according to a media report.
According to City Press, a spokesperson at the investment management firm confirmed that Nene was appointed at a board meeting on Monday morning.
Nene had been unemployed since his unceremonious removal from his position as South Africa’s finance minister in December by President Jacob Zuma, barely two years after he took over at Treasury.
At the time, Zuma said that Nene was being nominated to head the Brics New Development Bank regional centre as he sought to explain the decision to relieve him of his duties.
Nene was replaced by an ANC backbencher, Des van Rooyen, who was also removed only after four days at the post to be replaced by former finance minister Pravin Gordhan, amid market turmoil at the unexpected decisions.
The merry-go-round at treasury was estimated to have cost the country nearly R500-billion and saw the rand plummeting to below R15 to the US dollar.
Nene resigned from Parliament a few days later after his removal from the finance ministry, and took four months “gardening leave” at his rural home in Kranskop, KwaZulu-Natal.
The controversial sacking
Nene was believed to have been sacked for his refusal to provide funds for certain controversial government projects, saying the country could not afford them.
Some projects Nene is believed to have declined to approve were the South African Airways board’s request to review their lease agreement with aircraft manufacturer Airbus, Zuma’s presidential private jet with a price tag estimated to be R4-billion, and the R1-trillion deal to build 9.6 gigawatts of nuclear energy.
In an interview last week with 24-hours broadcast channel, eNCA, Nene hinted at an employment opportunity in the private sector, but did not want to name the company nor the position he would take.
“It’s not wise to talk about your future employment before you are employed because you might actually end up not taking that job, some of these things can limit your chances of getting into your new job because you’ve jumped the gun and made the announcement.
“You allow the announcement to be made by your future employer or your future principal, because I’m not too sure whether this is employment, call it employment, but my gardening leave is going to end shortly,” Nene told the TV station.
‘A blatant lie’
The Democratic Alliance congratulated Nene on his new post, though stated that it felt the appointment stands as proof that the president lied about the supposed Brics role on offer.
“We welcome the appointment of former Minister of Finance, Nhlanhla Nene, as a non-executive director of Allan Gray,” the DA said in a statement.
“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.” – African News Agency (ANA)