The 70-year-old Romanian Fed Cup captain has been suspended by the International Tennis Federation over his controversial comments about Williams' unborn baby, as well as abusive behaviour during a tie between Romania and Britain.
"I think it's indefensible really... But there's an investigation going on and I guess we'll just have to see what happens there," said the former world number four.
Nastase was overheard by a journalist on Friday commenting on Williams' unborn child -- who will be of mixed race as her fiance is white -- saying: "Let's see what colour it has. Chocolate with milk?"
He also reportedly propositioned Keothavong -- who is married and pregnant.
Speaking at an event to launch grassroots tennis programme "The Road to Wimbledon" on a fittingly wet day in Hong Kong, Henman told AFP it had been a "pretty unfortunate episode for the Fed Cup".
"It's not something that you like to see going on in tennis. It's got no place in society."
"He's had such an incredible end to last year and I think he's probably suffering a little from that, obviously with the shingles and I think his body didn't really have enough time to recover," Henman said.
"He's number one in the rankings now but how long he can hold onto that? We'll have to wait and see."
"In recent years he hasn't quite played his best but certainly the way he's played in the early part of this year coming onto clay... Totally dominating Monte Carlo and winning another Masters series. I definitely think he's the favourite."
Henman was also full of praise for Federer, who won the Australian Open in January aged 35, saying: "I don't know who's writing his scripts but they're certainly good ones."
"It's an incredible story for both guys (Federer and Nadal). It's a little bit of a flashback from four or five years ago when they were the two dominant players and I think it's so exciting for the game.
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