Telecommunications company Quantum Communications Ltd. is set to hold its first board meeting today after years of being in limbo.

But mystery still surrounds exactly who owns most of the business as 60 percent of the ownership is listed as two trust companies.

Chairman of Quantum Eddie Saints - who is the general manager of Cable & Wireless - said that following the meeting more information would be released on who is behind the company. It is hoped that Quantum will compete directly with BTC, and the resuscitated venture could mean cheaper telephone calls for the Island.

Mr. Saints yesterday confirmed Cable & Wireless owns 40 percent of the venture, with Anchor Trust Ltd and Phoenix Trust owning the remaining 60 percent. But all Mr. Saints would say about the trusts was that Bermudian businessmen and women were behind the trusts.

The Royal Gazette reported earlier this year the new shareholders of Quantum Communications Ltd. would include a Paragon Technology Group consortium and a Fort Knox Bermuda Ltd consortium.

Speculation has been rife concerning the identity of the telecommunication company's new shareholders since co-founder, Belco, sold their share at the end of last year for $2.5 million. Cable & Wireless has retained 40 percent of Quantum, but the balance of shares have been unsold, with 60 percent held by the trust company, Globe Trust Ltd.

Graham Pearson of the Paragon Technology Group confirmed yesterday that the Paragon Technology Group has an interest in a consortium which also includes businessman Charles Marshall. That consortium now owns a 35 percent share in Quantum. Troy Symonds confirmed that his company, Fort Knox Bermuda Ltd, was interested in the remaining 25 per cent.

Mr. Symonds and Mr. Pearson have confirmed that a ten-year licence was issued in September by the Telecommunications Ministry. Mr. Saints yesterday revealed that the business had only one employee at the moment, but this number would increase if the business venture proved successful. He also said that the company had its offices in the Swan Building on Victoria Street and was currently up and running as a going concern.

Many deadlines have come and gone in regard to the sale of Quantum, and any long-awaited joint venture with a local company has taken a long time to come to fruition. Quantum was originally set up to compete with BTC and supply local telephone service, but only 50 customers, all corporate, had signed up with Quantum in its first 18 months. After spluttering along for a year, it ceased operations on December 31, 1999.