Standard Bank's belated confirmation that MP Tony Yengeni indeed applied, as he claimed, for financing for his now notorious Mercedes Benz 4x4 offers him what must be a welcome breather.

As we have noted before, the maximum R150000-odd by which he is alleged to have benefited in the arms deal saga is a pittance by international arms industry standards and even, possibly, by the standards of our own procurement programme. Some would say that his reputation has suffered by more than the value of the benefit he allegedly received.

So the bank has confirmed one aspect of his defence as set out in a newspaper advertisement several weeks ago. However, it is premature for him to claim, as he did on Wednesday, that he is entirely out of the woods. He still needs to explain a few things before he is completely vindicated.

For one thing, it is still not understood why the former chairman of the parliamentary defence portfolio committee bought a motor car from an arms manufacturer one that was, at the time, a prospective bidder for part of an arms package that Yengeni's committee was helping to structure.

Second, it remains unclear why he received a discount of 26% by his reckoning, and up to 47% by others' for the 4x4. He says it was due to it being damaged, but that has been disputed by the supplier.

Third, even if he applied to Stannic for financing, that does not explain why he managed to enjoy several months free driving before another financing package kicked in.

And fourth, unless there are satisfactory explanations for each of these allegations, Yengeni still needs to explain why he did not declare the "gifts" as per parliamentary procedure.

The Standard Bank oversight suggests that we should not yet draw any final conclusions. But it is only a very small part of a total defence.  

With acknowledgment to Business Day.