American businessman Robert Iommazzo has moved to clarify the details of a conversation he had with Michael Foot, author of the UK Treasury-commissioned report on Britain's offshore financial centres.

Mr. Iommazzo, president of New York-based executive search firm SebaSearch.com, spoke following a press release published by the Bermuda International Business Association (BIBA) last Friday.

The release, which was reported on by this newspaper in yesterday's Business section, stated that Mr. Foot had told Mr. Iommazzo that Bermuda was the only one of the British offshore financial centres he could recommend as a venue for doing business.

Mr. Iommazzo said yesterday that this was not the case. Although Mr. Foot had been favourable about Bermuda, he did not specifically recommend it over other jurisdictions, he said.

Mr. Foot, in an e-mail over the weekend sent to Bermuda resident Michael Hardy, also denied having made any recommendation. Mr. Foot wrote: "I can tell you that all I have said about Bermuda or any of the other eight jurisdictions is what is in my report."

BIBA was last night standing by its press release as an accurate reflection of Mr. Iommazzo's comments to BIBA director of marketing Susan Stirling at a risk management conference in Geneva last week.

Mr. Iommazzo, who contacted The Royal Gazette yesterday in response to our e-mail sent on Friday, said: "My conversation with Michael Foot about a couple of months ago was about a number of things. I wanted to speak with him because of his experience at the Central Bank of the Bahamas.

"We were chatting about some of the jurisdictions and he mentioned Matthew Elderfield (CEO of the Bermuda Monetary Authority). He said Matthew had done a good job and he was positive about the work the Bermuda Monetary Authority had done.

"I think it's fair to say he was favourable about Bermuda."

Mr. Foot had not recommended Bermuda to him over anywhere else, he said. Asked how BIBA could have got that impression from him, he added: "Given Michael Foot's favourable comments, it could have been my interpretation of it. But it wasn't 'Bermuda's a terrific place and you need to do business there'."

BIBA CEO Cheryl Packwood said last night that the Association stood by the accuracy of its press release.

Ms Stirling said Mr Iommazzo had approached her at the BIBA booth at the Risk Minds 2009 conference in Geneva.

Immediately after their conversation last Wednesday, Ms Stirling sent an e-mail to Ms Packwood, which read: "You will be blown away to find out who is marketing both Bermuda and our Association! Michael Foot!!!

"A gentleman (UK and NY based risk specialist) was told by Foot that Bermuda is the only offshore jurisdiction he would recommend for business purposes and that if he intends to do business in Bermuda, he should seek us out to find ways to get involved with the association. He is having his office call to set up meeting with us week of January 11."

She said Mr. Iommazzo had initiated the conversation and later gave permission to be quoted.