Despite reports to the contrary, Tyco has no plans to move its headquarters from Bermuda to the US, according to a company spokesperson.

Tyco's Gary Holmes was responding to a story earlier this week in the Financial Times that said the company could move from the Island to "end doubts about its transparency and corporate governance."

The story quoted company director Jack Krol, who was interviewed by the UK newspaper on corporate governance, as saying Tyco "had to find the justification economically" for its incorporation in Bermuda.

But he also said the conglomerate would not leave Bermuda if it was too cost prohibitive to set up on American soil: "You don't want to cut your nose off to spite your face," the FT quoted Mr. Krol as saying.

Yesterday Mr. Holmes said that, and as any business would, the company is constantly reviewing many factors, including its place of incorporation:"It is an issue that is always under review, but we have no views to change it (where we are headquartered)." The conglomerate moved to Bermuda in 1997 when it took over securities company ADT, which was already based on the Island.

The FT said Tyco's incorporation on the Island "added to concerns that the conglomerate evaded both tax and regulatory scrutiny under Dennis Kozlowski, the former chief executive who was indicted last month on corruption charges".

Tyco has come in for negative publicity and increased scrutiny as criminal charges were laid against its former executives but also with the prevailing focus on companies that have moved overseas for tax reasons, often referred to as "corporate inversions".

When asked if the negative publicity around "corporate inversions" would prompt the company to rethink its place of incorporation, Mr. Holmes said: "I'd rather not get into that thinking except to say we are no where close to making any decisions (on Bermuda)."

The company was asked how many staff were employed in its Bermuda office, which is located in second floor offices of the Zurich Centre on Pitts Bay Road, but The Royal Gazette was told that number would have to be checked.

No answer had been received by press time yesterday.