Joburg official arrested for massive devaluation fraud
18 January 2017
Johannesburg - A former city property valuer was arrested on Wednesday for allegedly devaluing properties in the city by about R500m, Johannesburg Mayor Herman Mashaba said.
The candidate valuer’s alleged irregular and fraudulent adjustments to the values of 22 properties would result in the city losing around R40m in property taxes over the next five financial years, Mashaba said in a statement.
The city would prosecute the companies and individuals who allegedly colluded with the valuer.
“This money should have been used to provide basic and much-needed services such as water, electricity and refuse removal to the poor and most vulnerable residents of our city,” Mashaba said.