Convicted fraudster Schabir Shaik applied for a Presidential pardon in April last year, the Presidency said on Monday.
"The Presidency received an application for pardon from Mr Schabir Shaik last year, on 24 April, 2008," a statement said.
"The application will be processed like all other applications.
"The President must consider every application brought before him in terms of his constitutional responsibilities, as outlined in Section 84 (2)(j) of the Constitution of the Republic," the Presidency said.
Opposition political parties have reacted to the possibility that Shaik may receive a pardon with derision and criticism.
Earlier, Democratic Alliance (DA) spokesperson James Selfe said that if President Jacob Zuma granted Shaik's application it would constitute a decisive step toward the "complete corruption of the South African soul".
Shaik's conviction constituted a rare victory for the South African justice system in the fight to keep "a relentless ruling party, which is determined to bend the rule of law to its own will, at bay".
If his actions were pardoned, it would signify to the South African public that, even when the justice system prevailed, its impact was undermined, its ruling negated, and its meaning subverted.
"The court considered all the evidence before it and found Shaik guilty. Shaik went all the way to the Supreme Court of Appeal, where he lost once again," said Independent Democrats (ID) leader Patricia de Lille in a statement.
The law also stated that an applicant should meet certain criteria to qualify - he should have served a significant part of his sentence, for example, or have shown remorse for his crime.
"One of the pardon conditions is that you must have served a substantial part of your sentence and on that basis alone Shaik fails hopelessly," said De Lille.
Selfe and De Lille accused the African National Congress (ANC)-led government of using State power to provide Shaik with preferential treatment.
"Now that the Shaik family's number one protégé, Jacob Zuma, is President, they must know that Schabir's chances of being granted a pardon are even higher," said De Lille.
"For Shaik to be pardoned, would be a travesty of justice, and would further highlight the ANC government's utter disrespect for the constitutional principle of the rule of law," Selfe said.
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