He was initially suspended for 60 days last year following a recommendation by the law firm Schröter and Associates after compiling a report on possible financial irregularities.
According to the report, the municipality had invested R350 million of its reserve funds with financial institutions and handling fees amounting to close to R400 000 were paid to the son of a George councillor in the first six months of the project.
Good party leader Patricia de Lille had lodged a complaint with the public protector’s office over what she alleged was VBS-style looting involving a councillor who had made a questionable investment.
She had accused her former party’s leaders of intervening in a corruption probe against the DA councillor.
De Lille also accused both the municipal manager, Trevor Botha, and the councillor of interfering with the probe.
In a statement, Botha said yesterday: “Pursuant to a council resolution taken on November 19, disciplinary proceedings were instituted against the chief financial officer, Keith Jordaan.
"The disciplinary process has now been finalised and the presiding officer has presented his findings and sanctions to the municipality.
“The report of the presiding officer will be tabled before a special council meeting scheduled for Monday, July 15.”