The Sunday Times reported yesterday the allegation that President Thabo Mbeki participated in the bribery that underpinned the arms deal. Mbeki’s role, however, was simply as an agent for the ANC, which was the beneficiary of the majority of the cash, though the new ANC president, Jacob Zuma, was given a hefty slice, the story said.

Let’s hope the story is not true, but there is an aura of inevitability about it. Arms dealers worldwide are notoriously corrupt, and this particular deal was so obviously manipulated that it is almost certain that palms were greased.

But there is one interesting sub-theme. A keen observer of these events once told me that party practi ce was that people who gained large contributions for the ANC were obliged to hand over the whole amount. But they were permitted to hold on to the interest.

So, if this story is true, I don’t think Mbeki would be entirely exonerated merely by the fact that he handed over the cash to the party. It would be interesting to know how long he had the money. Interest on R30m is a not insignificant sum. I ask just in passing. I wouldn’t want to be accused of being a fisher of corrupt men — at least not again.

With acknowledgements to Tim Cohen and Business Day.