Former transport minister and FirstRand director Mac Maharaj said on Monday he would fully co-operate with an enquiry into allegations that he received vast sums of money without declaring it during his parliamentary term.

The Sunday Times reported in February that Maharaj and his wife had received gifts and payments to the value of R500 000 from Durban businessman Schabir Shaik.

Schaik is currently under investigation for his role in South Africa's controversial arms deal.

The gifts from Shaik reportedly came after a toll road contract of R2,5-billion was given to a consortium which included Shaik's company.

Maharaj, 67, is a non-executive board member of FirstRand and of several of its affiliates.

FirstRand shortly afterwards announced that the law firm Hofmeyer, Herbstein and Gihwala had been appointed to investigate the allegations against Maharaj.

FirstRand also announced that Maharaj would go on temporary leave for three months on his own request.

"I shall be giving the enquiry my full co-operation," Maharaj said in a statement on Monday.

The former minister was appointed to the board of FirstRand on September 17, 1999.

He was reportedly expected to help promote a favourable climate between the bank and the government on the basis of the excellent relations he still had with senior government figures.

The allegation that Maharaj accepted bribes follows similar accusations aimed at Deputy President Jacob Zuma, whose financial affairs were handled by Shaik.

With acknowledgement to Sapa.