executives.

The investigation into the one-page flyer was launched following a complaint by Bank of Bermuda president Mr. Donald Lines.

The flyer, which has been circulated via office copiers and fax machines, makes wide-ranging allegations about the Government, local and foreign banks, and companies Jardine Matheson, American Express and Bacardi International.

Those targetted include Bank of Bermuda executive vice-president Mr. William Thomson, Mr. Lines and former Premier Sir David Gibbons.

Among the claims is the allegation that "banks in Bermuda laundered 2,970 million dollars from the proceeds of The International Drug Trade''.

Mr. Lines called the list "cowardly'', produced by the same quality of person who printed a racist political poster last year.

He raised the possibility that the list might be related to "recent cases'' in the courts.

"It's wildly libelous as well as unbelievable'', he said. "It's without any basis, substance or sense. It's the worst type of combination of racism and bad taste.

"The author is sick, to put it bluntly. I'm not sure what the hell they're talking about.

"In Bermuda we don't deserve that sort of nonsense.'' If Police found the author, he said, they would be in "great difficulty''. He said a copy of the list had been given to someone at the bank, who had passed it on to him.