The body of missing Cape Town international rugby referee Carl Spannenberg was found in Zeekoevlei by police divers on Wednesday.
Police and Metro divers have been searching Zeekoevlei since Sunday when Spannenberg fell overboard from a skiboat during an outing with friends.
A minute's silence will be observed at the sevens tournament in Durban on Saturday for Spannenberg.
Spannenberg, 33 and unmarried, has been involved in rugby refereeing since 1991.
Meanwhile, the Cape Argus has traced Jacobus Johannes Landsberg, identified previously as "JJ".
After Spannenberg fell into the water, Landsberg, a friend of Spannenberg's, unsuccessfully tried to rescue him, but instead himself became entangled in weeds.
Landsberg said he had recently relocated his business from Johannesburg to Cape Town.
He had not seen Spannenberg for two weeks before they and six other friends met to spend the day at Zeekoevlei.
Fighting back tears, Landsberg said: "We were enjoying ourselves, and I was braaiing meat on the embankment while they were out in the ski-boat having a good time, laughing and joking on the water."
He said after a few minutes the friends returned in the boat without Spannenberg.
"They looked shocked and told me that Carl had fallen into the water."
Landsberg got into another friend's small boat and he and the five others went in search of Spannenberg.
He said there had been a "strong undercurrent" which made it difficult for them to search the waters.
He decided to get out of the boat and walked through the weeds looking for Spannenberg.
But exhaustion set in, he became tangled in the weeds and lost consciousness.
He said as he regained consciousness, metro rescue personnel were looking for a vein in his arm to insert a drip.
"What started out as our fun day ended so tragically. I'm shocked, very shocked."