$20,000 of cash belonging to the Bermuda Cricket Board of Control has gone.

The money had been deposited with Barclay's Bank in England, but club affiliates were flabbergasted to learn at the Board's recent annual meeting that the previous amount in the account, $21,083.99 had since dwindled to a mere $642.38 without any record of its destination.

While admitting that they couldn't reveal much about the money, Board officials have confirmed that there is an ongoing investigation, requiring a full audit of the account to be conducted right away.

"We said this at the annual meeting and the position certainly hasn't changed,'' was the only comment Board president El James was prepared to say about the matter this week.

However a committee member, who did not wish to be named, categorically denied there was speculation that criminal activity was involved. But he did say that there was "grave concern'' over how the previous BCBC executives, who were ousted last July, operated the account in England.

The consensus among the current executive is that perhaps the amount unaccounted for was payment for the services of former Australian cricket great Bobby Simpson, who was taken on as a short-term coach with the Bermuda national team in Malaysia during last year's ICC Trophy tournament.

If true, to pay Simpson an astonishing sum of $20,000 for a mere three weeks, would lead to a huge controversy -- albeit so late after his hiring.

Former Board executives never revealed the Australian's wage for that period, preferring to keep it internal. And it is believed that they have not been approached about the amount in question simply because of their reluctance to be forthcoming about other matters brought to their attention in the past.

Surprisingly, the board's treasurer, Neil Speight, the only old board member to retain his position, is said to be as dumbfounded about the disappearances of the money as others.

It is understood that at the annual meeting, Speight, who is a chartered accountant by profession with an exempt company, told affiliates that the $20,000 could not be accounted for because he had difficulty in getting relevant documents from Barclay.

Sources say that the administration of the UK account was done by one former executive member, largely without the collective knowledge or permission of the full executive body.

Supporting this view is Speight's apparent lack of knowledge about a transaction of such magnitude associated with the account.

The current executive's decision to distance themselves from the ousted members when it came to obtaining additional information could also have something to do with former members incorrectly indicating in the past that the Board had become incorporated.

After the recent annual meeting, James publicly admitted that he was disturbed to discover that the incorporation process had not even been completed, contrary to what the former administration had declared in the past.

"Yes, the matter concerning the incorporation of the board was stunning, especially after it was announced to the contrary at the previous meeting by the outgoing executives,'' said James.

He listed having the Board officially become incorporated would be among the many goals ahead for his group, following the revitalisation of a junior domestic programme which was clearly his priority when the cricket season gets underway early next month.