Allan Gray turned on Kebble

Court papers before the Witwatersrand High Court show that Allan Gray Asset Managers refused to make further investments in JCI for as long as Brett Kebble remained chief executive, as of August last year. Sake reports that before that date, Allan Gray had been a keen investor in Kebble's interests because the asset managers had a positive view of the gold price, which was relatively undervalued. It appears that Allan Gray lost patience with Kebble's dubious transactions including the sale of nine-point-nine-million shares of Randgold & Exploration and Randgold Resources without the authority of the Randgold & Exploration board.