JOHANNESBURG – Former executives of the Waterfall development in Midrand have been charged with fraud, corruption and money laundering relating to the illegal installation of water meters that has cost the City of Joburg at least R13 million.
The former CFO of the Waterfall Investment Company Brian Landman, his wife Michelle Tracey and the company’s former accountant Hendrik Stroebel, appeared at the Johannesburg Specialised Commercial Crimes Court on Tuesday.
They’ve been granted R10,000 bail each.
An investigation conducted by the City of Joburg last year reveals that the Waterfall Investment Company allegedly obtained water meters illegally from an employee at the municipality.
Faisel Abrahams colluded with the company by stealing the meters during the development of Waterfall City.
Joburg City’s Lucky Sindane says that the meters were not reading despite the continued use of water.
“The development becomes illegal because we don’t have them on our revenue reading system, so we can’t even trust them. They obtained these water meters illegally.”
Sindane says the development is not registered with the City of Joburg, meaning that the services that are used by tenants and the developers are also illegal.
The former Waterfall Investment Company employees will appear in court again in court in June.