Former African National Congress chief whip Tony Yengeni is seeking a settlement with the state in his fraud and corruption trial, it emerged in the Pretoria Commercial Crimes Court on Tuesday.

The trial of Yengeni and businessman Michael Woerfel was to have begun on Tuesday morning.

At the start of the proceedings, Yengeni's counsel, Viwe Noshe, SC, asked the court for a postponement until Wednesday as negotiations for a settlement with the state were underway.

He described the consultations as serious.

Prosecutor Jan Henning SC, said the state had received a proposal from Yengeni's counsel last Wednesday, which it found unacceptable.

Another proposal was submitted on Friday.

"We indicated to the defence that that proposal was not to our satisfaction."

On the same day, he said, "we were informed that all our requirements had been met and that we would by Monday receive a signed document."

By Tuesday morning the state had still not received the document.

Henning said he would not oppose a postponement, but only until 2pm on Tuesday.

Magistrate Bill Moyses adjourned the court.

With acknowledgement to Mariette le Roux and Sapa.