Parliament's ethics and members' interests committee dismissed allegations on Wednesday that Deputy President Jacob Zuma breached the institution's code of conduct for MPs by not declaring benefits.

However, the Democratic Alliance (DA) was quick to reject the majority view of the committee.

The committee considered whether Zuma had breached the code by not properly disclosing his business interests and other benefits on the register of members' interests.

These allegedly included a series of payments - said to be loans - totalling over R1-million from his financial adviser and Durban businessman Schabir Shaik, who is facing criminal charges of fraud and corruption.

Committee chairperson Luwellyn Landers said on Wednesday night that there was no evidence to hand contradicting the authenticity of the loan agreements.

It was therefore recommended that the loan agreements submitted by Zuma be accepted as valid and correct.

The agreements all showed interest was being levied on the loans to Zuma by Shaik and others.

The code stated that where doubt existed as to the scope, application or meaning of any aspect of the code, the good faith of the member must be the guiding principle, Landers said.

In a joint statement earlier, DA MPs Errol Moorcroft and Hendrik Schmidt said the "loans and financial agreements constitute substantial financial benefits which Zuma failed to declare".

"He is therefore, in our view, in contravention of the Parliamentary Code of Ethics," they said.

With acknowledgements to Sapa and the Cape Argus.