conspiracy he was accused of being part of was shown never to have existed.

Dr. Earl Brian said it was "unfortunate'' that $1.5 million of taxpayers' money had been spent investigating the `October Surprise'.

This was the name given to an alleged deal struck by the 1980 campaign team of Ronald Reagan to delay the release of American hostages being held in Iran until after the US presidential election in which Jimmy Carter was defeated.

After a ten-month investigation, the US House of Representatives concluded earlier this year that there was no such deal and that it had been fabricated.

Dr. Brian, who is an ex-chairman of Bermuda-based computer software Intex, which is in liquidation, said: "This should essentially eliminate any further rumours concerning the fabrications surrounding the alleged `October Surprise'.

"It is gratifying that I have been vindicated of any wrongdoing in this matter.'' The House of Representatives' Task Force concluded that "the credibility of those making the allegations has in most every instance been shown to border on non-existent, while those who deny the allegations often had documentary corroboration''.

It added: "In sum, the Task Force found that there is simply no credible evidence of any attempt or proposal to attempt to delay the release of the Americans held hostage in Iran by the 1980 Reagan Presidential campaign.'' Dr. Brian said the report "by extension'' also cleared him of being involved with the alleged theft of high-tech computer software from a US company called INSLAW.

It has been claimed that the US Department of Justice stole the software and subsequently transferred it to Dr. Brian so he could sell it for profit.

One theory going around was that Dr. Brian was given the software as a reward for his part in the October Surprise.

A report in September by US Congress' Committee on the Judiciary concluded that "high level Department of Justice officials'' deliberately stole the software.

The Committee recommended that an independent counsel should be appointed to conduct an investigation into the allegations.

Among several witnesses who provided testimony linking Dr. Brian to the incident were former US Attorney General Eliot Richardson.

Dr. Brian has always denied his involvement and is suing Mr. Richardson for libel.

Dr. Brian was chairman of Bermuda-based Intex between 1984 and 1988. The company was set up to develop computer software for international futures trading but never made a profit.

The company went into liquidation 12 months ago with debts of $1.6 million.