Telecommunication Commission chairman Ellen Lim and her husband William no longer have any involvement with the proposed World E-Commerce Exchange, a Press release stated yesterday.

The release stated that Mr. Lim had sold all his shareholdings in KOL Ltd. to lawyer Lynda Milligan-Whyte who now owns the shares on behalf of herself and her co-partners.

"Neither Dr. Lim nor Ellen Lim will have any involvement in the ownership or operation of the company KOL Ltd. or the proposed exchange,'' the Press release stated.

The release comes after The Royal Gazette printed a story on the controversy surrounding the proposed exchange. The story mentioned that the sole shareholder listed on the register of KOL Ltd. was Mr. Lim.

Ms Lim also gave a presentation touting the benefits of the World E-commerce Exchange before the Ministry of Finance on behalf of Bermuda- based XL Capital Ltd.

Ms Lim, who works at XL as chief technology strategist, said XL was considering an investment in the World E-commerce Exchange. Ms Lim stated at the time that her husband's was only listed as a shareholder for convenience.

The World E-Commerce Exchange is being launched through a private members' bill which sparked off opposition from local and international businesses.

The Bermuda International Business Association (BIBA), the Bermuda Stock Exchange (BSX) and others claim the incorporating bill is an anti-competitive attempt to corral electronic commerce into the company's exclusive domain.

The organisations along with a number of companies have filed letters of protest against the bill with the Ministry of Finance.

Ms Milligan-Whyte said those complaining had got their facts wrong.

No involvement: Ellen Lim