Van der Walt previously admitted he had links to an agency that was set to receive more than R31m from the sponsorship deal with English Premier League soccer team Tottenham Hotspur.
According to reports, Botha had given Van der Walt until Tuesday, 21 February to give reasons why he should not be suspended. Botha had also said the board was not aware of an alleged conflict of interests involving Van der Walt as he failed to declare his interests in meetings.
SA Tourism's financial management general manager, Themba Ndlovu, will act in Van der Walt's position until a permanent CFO is appointed.
Botha and two other board members were appointed earlier this month after the resignations of Enver Duminy, Ravi Nadasen and Rosemary Anderson, who cited a difference of opinion, shortly after the proposed deal.