The defence in the trial of businessman Schabir Shaik has presented a document of a R2 million revolving loan agreement between Shaik and Deputy President Jacob Zuma.

This is the first time in the four-week trial that the Durban High Court court has seen a document indicating there was a loan agreement in place between Zuma and Shaik.

However, State witness and forensic auditor Johan van der Walt has admitted in his forensic report that there were two acknowledgements of debt between the two and under cross-examination on Thursday conceded there might be a third.

Defence advocate Francois van Zyl said on Thursday the document was faxed from Zuma's office to Shaik on August 23, 2004.

Although the agreement had expired Shaik said it was still in effect until a new agreement could be signed. The loan agreement was signed by Shaik and Zuma on May 16, 1999 in Durban.

According to Van Zyl the agreement was originally filed in the confidential section of declarations that parliamentarians have to make. He said Zuma had insisted that the agreement included interest at the prime rate plus two percent.

Shaik told Zuma taking interest was against his beliefs as a Muslim, and that the interest would go to charity.

Shaik's two charges of corruption and one of fraud include allegations that he solicited a R500 000 per annum bribe to Zuma in exchange for protection during investigations into arms deal irregularities.

It is also alleged that payments made to and for Zuma by Shaik and his Nkobi group of companies amounted to R1,2 million and that a portion of this was written off.

The document presented to court on Thursday reads:

"Loan Agreement between Schabir Shaik (creditor) and Jacob Gedleyihlekisa Zuma (debtor). The parties record that the creditor has undertaken to lend and advance the debtor revolving loan that shall not exceed 2 million. It is further understood by both parties that the said amount shall include the consolidation of existing debts/acknowledgements of debts that have to date not been paid. The agreement period of the loan shall be 5 years, calculated with effect from the date of signature of this agreement. The debtor undertakes on or before the expiry of such period of 5 years to have repaid to the creditor the full amount of the capital plus interest, charged at the relevant prime rate plus 2 percent."

On Thursday Van der Walt told the court he did not dispute that there was "some attempt" to keep track of some of the payments to Zuma.

However, he said he had to do a "detailed reconstruction as far as possible" and as "humanly possible" because the entries relating to Zuma were "scattered" around the accounting records of Nkobi's financial director Colin Isaacs.

Van der Walt said there was an indication that some of the money owed by Zuma had been repaid but that it had not occurred "at regular intervals".

According to Van der Walt the records kept by Isaacs indicated that an amount of R874 000 was owing by Zuma, whereas his own records show over R1,2 million.

He said Isaacs's records indicated a shortfall of at least R200 000.

Van der Walt said Zuma had repaid a total of R140 000 to Shaik and that the acknowledgements of debt amounted to about R300 000.

Van der Walt also told the court that a debt of R150 000 that Shaik settled on behalf of Zuma with a company called AQ Holdings was to clear the name of Zuma and not the ANC.

He asked why, if the debt was incurred on behalf of the ANC, had the company not looked to the political party for payment and why the ANC had not repaid the amount.

With acknowledgement to Wendy Jasson da Costa and Sapa.