protect investors against company failure once a confidential report into Telecheck has been completed.

Last month, Mr. Gregory Haycock was appointed an inspector for the Telecheck group of companies b ythe Government.

According to the Ministry of Finance, the role of Mr. Haycock, of Butterfield & Steinhoff, is to investigate the Telecheck group of companies and present a confidential report to the Minister of Finance, Dr. David Saul.

Under the Companies Act, the Government is also obliged to present a copy of the completed report to Telecheck.

Dr. Saul said he did not yet know whether additional regulations would be necessary to protect investors. The report would be completed as quickly as possible, he said.

Telecheck Holdings Ltd. and Televest Ltd. were ordered wound up by Supreme Court on December 16.

Mr. Charles Kempe and Mr. Gil Tucker were named joint provisional liquidators.

In a statement following Supreme Court proceedings on December 29, the liquidators said: "the financial state of Televest and Telecheck is such that it is extremely unlikely investors will receive 100 cents on the dollar''.

Telecheck operated more than 10,000 Signature and Travel Card credit cards, and Televest guaranteed Bermudians annual returns of seven to nine percent on purchases of preferred shares. Televest owes more than $6 million to more than 500 Bermudian investors.

Lawyer Mr. Julian Hall is representing the personal interests of Mr. Richard Burns, Mr. Thomas Burns, and Mr. Christopher Donnachie, the three directors and principals of Telecheck and Televest.