In a statement on Tuesday‚ Smith said he entered into an agreement for a personal loan with Bosasa COO Angelo Agrizzi.

"This loan was processed to me in two separate payments; an amount of R220 000 in 2015; and R395 000 in 2016. The loan was for the university tuition fees of my daughter in year one (2015) and year two (2016). I deny any further assistance‚ financial or otherwise‚ including the installation of CCTV cameras at my home from him or any other person or company. The cameras that are at my home were paid for by myself. My sole directorship of Euro Blitz 48‚ a company through which the loan was processed‚ is fully declared in the register of members interest and this has been the case since the acquisition of the company‚" he said.

"I am in total support of being held accountable and I therefore welcome any investigation into my personal loan transaction. I will fully participate in the parliamentary process led by the ethics committee; a process which I have no doubt will absolve me completely.

"I am also going to present myself to the ANC integrity commission at their earliest convenience in the interest of being held accountable by my own organisation."