Listed group Rebosis Property Fund has said it welcomes an investigation by the City of Johannesburg into fraud and corruption in the valuing of certain city properties. Johannesburg mayor Herman Mashaba said a former candidate valuer had been arrested on Wednesday on charges of fraud and corruption. This followed the airing of an expose by television show Carte Blanche on November 6 2016 into irregularities in the setting of Johannesburg property valuations, as well as an investigation by the city’s internal forensic investigations unit, headed by General Shadrack Sibiya. The valuations caused a loss in municipal revenue to the city. The valuer was suspected of irregularly and fraudulently devaluing 22 properties in the city, amounting to just under R500m, Mashaba said. "The fraudulent adjustments and changes of the market values of the properties by invalid municipal objection outcome letters resulted in the loss of an estimated R40m worth of revenue over five financial years," Ma...
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