to this week's failure of Bermuda's Telecheck group of companies.

More than 500 Bermudians are owed in excess of $6 million after investing in Televest Ltd. since 1989.

The company, which was started to raise money for Telecheck Holdings Ltd., attracted investors by guaranteeing annual returns of seven to nine percent.

But Televest was not a bank. The "deposits'' it accepted in return for preferred shares were not insured.

Yesterday, liquidators Kempe & Whittle continued trying to untangle the web of financial ties linking four companies begun by brothers Mr. Richard Burns and Mr. Tom Burns.

Stores stopped honouring more than 10,000 Signature and Travel Card credit cards when the Supreme Court ordered the Telecheck companies liquidated on Wednesday. Telecheck is no longer approving cheques that customers give to merchants. And Televest will not accept investments, pay dividends, or redeem shares.

Mr. Charles Kempe, senior partner in Kempe and Whittle, said it was still too early to say how much Televest investors could expect to recoup.

He hoped to make an announcement "very shortly,'' and said a possible sale of parts of the Telecheck group was "part of the equation''.

Televest and Telecheck looked sound on paper. But United Kingdom debts showed up on the books of two related companies -- CTRAK Ltd. and TBL Ltd.

Those two companies -- which were originally respectively known as Commodity & International Investment Advisors Ltd. and Telecheck Bermuda Ltd. -- received millions of dollars in start-up capital and equity investment from Sarnia Mutual Investments Ltd. of Guernsey, in the Channel Islands.

Sarnia Mutual was a subsidiary of the UK's Dominion Group. That huge conglomerate was placed in receivership in January of 1990.

Sarnia Mutual was the largest single shareholder in TBL Ltd. It was the second largest shareholder in CTRAK. Mr. John Warry, the Price Waterhouse liquidator for Sarnia Mutual in the Channel Island of Jersey, told The Royal Gazette yesterday that the company had also given the Bermuda companies loans and guarantees.

"Overall, there is more than a million dollars involved,'' Mr. Warry said.

Due to the complexity of the links between the companies, the entire size of the UK claim against the Bermuda companies is difficult to pin down. It is understood the claim against one of the Bermuda companies is for more than $2 million.

When Price Waterhouse went after CTRAK and TBL, they were forced under. As liquidators opened the books of those two companies, it became apparent that Telecheck and Televest would have to be liquidated, too.

It is understood that no consolidated report that presented the combined financial picture of all four Bermuda companies was ever prepared.

The most recent prospectus that Televest filed with the Registrar of Companies for a $7-million share offering in January showed earnings of $303,151 for 1992.

"The company is not engaged in any litigation or arbitration proceedings and is not aware of any litigation or claim pending or threatened by or against it,'' said a note to the accompanying financial statement.

FACTS AND FIGURES Telecheck Holdings Ltd. Operated more than 10,000 Signature and Travel Card credit cards.

Through its cheque approval service, processed more than 25,000 cheque trans actions per week for merchants and other customers.

Owned Televest Ltd.

Was ordered liquidated on Wednesday.

Televest Ltd. Guaranteed Bermudians annual returns of seven to nine percent on purchases of preferred shares.

Made money by purchasing cheque and credit card transactions at a discount, then collecting the full amounts.

Raised money to finance Telecheck.

Owes more than $6 million to more than 500 Bermudian investors.

Was ordered liquidated on Wednesday.