considered to be "unfair'' accusations about him from an investor in his businesses.

Mr. Peniston believes he is being made a scapegoat for the troubles of travel firm Bermuda Travel and Shipping and local tour boat operations Bermuda Vacations and Bermuda Excursions.

He was particularly upset at comments by Scotsman Mr. Robert Thomson, who loaned Mr. Peniston $80,000 to pump into BT&S and who was a shareholder in all three companies.

Mr. Thomson claims he has not been paid a cent of the loan back and, in lieu of interest, says he was given shares he did not want in BT&S and Bermuda Excursions which are now worthless because both companies are in liquidation.

Bermuda Vacations is still technically in operation but it has nothing to operate with since its only boat, the Reef Goddess , was sold -- ironically to Mr. Thomson -- to pay its main creditor, Bermuda Commercial Bank. Mr. Thomson says he is still potentially liable for more than $150,000 of the company's debts.

The 42-year-old self-made millionaire is involved in legal action against Mr.

Peniston to recover the full $80,000 loan plus interest.

But according to Mr. Peniston, Mr. Thomson was fully aware when he made the loan that he might receive shares as payment for the principal and interest.

The fact that the shares were now worthless was just one of the pitfalls of business, said Mr. Peniston.

"If it does not work out well you can't grab your marbles and take them home to your mum,'' he added. "He knew and accepted the risk like any other investor in a company.'' Mr. Peniston said that Mr. Thomson had been in sole control of the finances of Bermuda Vacations and Bermuda Excursions since mid-1990.

"The impression has been given that I was running all these companies on my own but that was not the case,'' said Mr. Peniston, who provided copies of receipts signed by Mr. Thomson on behalf of Bermuda Vacations and Bermuda Excursions.

"For the last two years, Mr. Thomson has had sole responsibility for the financial affairs of these two companies.

"While I was in charge of the boats and getting people on them, Mr. Thomson had responsibility for the administrative affairs, including the finances.'' Mr. Peniston, who said Mr. Thomson was unfairly blaming him for his losses, referred to an article in The Royal Gazette last year after BT&S went bust in which Mr. Thomson said of Mr. Peniston: "He's never done me any harm. I think he needed better back up from shareholders and better financial management.

Then maybe some of his entrepreneurial spirit would have worked out better.'' Mr. Peniston said: "It's ironic that he now seems to have a different position when his job was to provide that back up support.'' Mr. Peniston said he was involved with legal action against Mr. Thomson involving the Reef Goddess boat, which Mr. Thomson bought recently for $500,000. He would not go into details.