Millionaire oil tycoon John Deuss appears to have lost an attempt to have a warrant for his arrest put on hold ? during private proceedings which his lawyer last night declared ?a big fat waste of time?.

Mark Pettingill would give no further comment on the hearing, which was held in chambers at the Supreme Court yesterday afternoon.

But understands that Mr. Pettingill was asking Puisne Judge Carlisle Greaves for a judicial review of an earlier Magistrate?s Court decision to grant the warrant issued by authorities in the Netherlands for Mr. Deuss? arrest.

Mr. Justice Greaves is thought to have turned down the request. Dutch prosecutors issued the warrant in order to start extradition proceedings to question Mr. Deuss, 64, and a Bermuda resident about his bank on the Caribbean island of Cura?ao.

The First Cura?ao International Bank (FCIB), the largest shareholder of Bermuda Commercial Bank, has had hundreds of millions of dollars in assets frozen by European authorities as part of a multi-nation investigation into an alleged elaborate tax scam known as a ?carousel fraud?.

Suspected fraudsters are believed by detectives to have stashed hundreds of millions of dollars into accounts at the bank. Mr. Deuss, a Dutch businessman with an office in Flatts, has denied any wrongdoing and remains adamant that the bank and other companies of his raided by authorities in Europe ?have at all times conducted their business in full compliance with all applicable laws, regulations and rules?.

Yesterday?s hearing was attended by Attorney General Larry Mussenden, Solicitor General Wilhelm Bourne and Police Commissioner George Jackson, who were also in court on Monday.

Kulandra Ratneser, consultant to the Department of Public Prosecutions, which opposed Mr. Pettingill?s application for the warrant to be put on hold, said he could not answer any questions about the proceedings but added that it was normal for such an application to be held in chambers. However he confirmed: ?The warrant for the arrest of John Deuss is still outstanding.?

Mr. Pettingill looked annoyed as he left the court after the hour-and-a-half session, telling reporters only: ?It was a big fat waste of time.?