Cooper & Lines accountant Mr. Peter Mitchell was recenlty fined by UK insolvency regulators. He was not.

ERROR RG P4 20.10.1995 A story which appeared in the Business section on September 21 headlined "Liquidators of Aneco Re fined in UK'' incorrectly inferred that fines levied against the accounting firm of Coopers & Lybrand U.K. were related to the liquidation of Aneco Re. In fact, Mr. Peter Mitchell, the Bermuda liquidator of Aneco Re, was not fined. The story referred to fines against Mr.

Christopher Hughes of the United Kingdom in his capacity as head of that firm's insolvency department in respect of matters going back to the 1960s.

These penalties do not relate in any way to the activities of Mr. Hughes in his position as liquidator of Aneco Re. Nor did the fines imposed against Coopers & Lybrand UK have anything to do with Coopers & Lybrand Bermuda, of which Mr. Mitchell is a partner.

Liquidators of Aneco Re fined in UK A Bermuda insurer's liquidator, Mr. Christopher Hughes, has been fined 25,000 by the Institute of Chartered Accountants in London, a leading UK newspaper has reported.

The Times newspaper said that two leading accountancy firms, Coopers & Lybrand and Touche Ross, were fined after sums of up to 100,000 "strayed from the proper paths in their insolvency dealings''.

Mr. Hughes of Coopers & Lybrand in the UK, together with Mr. Peter Mitchell of associate firm in Bermuda, Cooper & Lines, were appointed liquidators of Aneco Reinsurance Underwriting Ltd. three and a half years ago.

The Times article features a quoted sub-head, "We made a mistake a long time ago''.

Touche Ross partner Christopher Ross was penalised 12,000 for maintenance of dividend and tax reserve accounts and retention of interest, according to the newspaper.

It was reported the money failed to reach the proper account and, over many years, "dripped into other holding accounts'' at the two accountancy firms.

The two firms invited the investigation by the Institute and by the Department of Trade & Industry and both have repaid the money. Normally, outstanding money from such insolvencies goes to the insolvency accounts, and once the insolvency has been closed, anything left over goes to the Crown.

SHIPPING COMPANY PROFITS TRIPLE SHI Shipping company profits triple Bermuda-registered Pacific Basin Bulk Shipping Ltd. reported year earnings rose substantially.

Profit for the year ended June 30 was up 236 percent at $11.1 million or 93 cents per share compared to $3.3 million or 42 cents per share a year earlier.

Revenue increased to $72.5 million, or 23.5 percent, from $58.7 million for 1994, said Bloomberg business news service. The company, with offices in Hong Kong, specialises in the handysize dry bulk carrier segment in the Asia acific region. The company has been Bermuda-registered since May 9, 1994.

COMPUTER GURUS TO DEBATE WINDOWS CLB Computer gurus to debate Windows Windows 95, the Internet, networking and Macintosh computers are topics expected to highlight a Computer Society of Bermuda (CSB) meeting today.

The meeting, dubbed "Birds of a Feather'', gets underway at 6 p.m. at the Mariners Club on Richmond Road.

"The first `Birds of a Feather' meeting held last April proved to be so successful that the computer society is sponsoring the public forum again,'' said activities committee chairman and CSB vice president Mr. Tony Harriott.

"The free event is for everyone interested in making technology work in their homes and offices and the meetings are a perfect opportunity to trade knowledge, share problems and solution and make friends,'' he said.

Computer "gurus'' will be on hand to answer questions.

"A goal of the society is to be a resource that the entire community can count on to provide assistance and information that covers the whole gamut of computer technology users,'' said information services chairman Ms Annette Frese.

TOP ADVISOR TO ADDRESS INVESTORS CON Top advisor to address investors Members of the Island's investment community will tomorrow hear how portfolio manager Mr. Ted Thornton capitalises on market inefficiencies to generate favourable returns.

"When capital markets act on non-economic principles, the market becomes inefficient,'' said Mr. Thornton. "Taxes, politics and other such motivations cause price distortions which are not directly related to risk. For the astute investor capitalising on such inefficiencies can create superior returns relative to risk,'' he said.

Mr. Thornton is a financial advisor who last December launched Longtail Global Ltd., a group of funds managed by Bermuda exempt company Longtail Management Ltd.

The invitation-only luncheon resentation is being held in association with Gulfstream Securities Ltd., the exclusive distributor of Longtail Global Ltd.

Mr. Thornton has been an investment advisor to Banque Indosuez and served as chief investment officer of Household International where he managed about $4 million in global investments.

He is a Harvard graduate with a Bachelors degree in Applied Mathematics and a Masters in Finance.

The luncheon is slated to begin at noon Friday while Mr. Thornton's presentation is to start at 1 p.m.

ZURISH RE GETS A NEW CLAIMS VP APP Zurich Re gets a new claims VP Zurich Reinsurance Centre Holdings, Inc. (ZRC) last Friday announced the appointment of a new claims department senior vice president.

ZRC is partly-owned by Bermuda-based holding company Zurich Centre Investments Ltd.

Mr. Jeffrey Jarman joined ZRC after serving as vice president and director of the TIG Re claims department.

At TIG Re, he was also responsible for counselling senior management on claims and legal issues and providing claims expertise and support to brokers and companies.

Prior to TIG Re, Mr. Jarman was an assistant vice president in the claims department of NAC Re.

He is a Certified Property Casualty Underwriter (CPCU) and holds an associate's of reinsurance (ARe) designation. He also holds a Masters in Business Administration from Manhattan College, a JD from New York Law School and a BA from Villanova University.

Headquartered in New York City, ZRC, through its operating subsidiary, is the principal underwriting affiliate of the Zurich Insurance Company in the North American market for property and casualty reinsurance.

ZRC is 58 percent owned by the Bermuda holding company and 42 percent publicly-held.