secret deal which allegedly helped Ronald Reagan become president of the United States.

Dr. Earl Brian, who headed Intex between 1984 and 1988, is alleged to have taken part in an operation called the `October Surprise.' This was a supposed scheme by Reagan campaign workers to delay the release of US hostages being held in Iran until after the 1980 presidential election.

As it happened, the hostages were eventually released just five minutes after Mr. Reagan took the oath of office on January 20, 1981.

Many people believed that the hostage crisis played a large part in former president Jimmy Carter's downfall.

Dr. Brian, who was California Secretary of Health when Mr. Reagan was Governor of the state, has consistently denied that he was involved in any scheme to delay the hostages' release.

One US newspaper quoted him as saying: "I didn't have anything to do with it.

Ronald Reagan didn't have anything to do with it.'' But former Canadian stockbroker Mr. John Belton, who is currently embroiled in legal action over a group of companies linked with Dr. Brian, claims he has records placing Dr. Brian in Paris in October, 1980.

That was the time and place, according to several US news reports, that Reagan supporters were alleged to have made the hostage deal with Iranian officials.

Dr. Brian, who is a close associate of Mr. Reagan, has denied he was in Paris at the time.

Dr. Brian made local headlines last week when it was revealed that a lawsuit had been filed in California alleging that top executives with Financial News Network, which he used to run, has siphoned millions of dollars of company funds into secret bank accounts in Bermuda.

Mr. Belton told The Royal Gazette that he was helping the US Federal Bureau of Investigation investigate alleged financial fraud involving Bermuda and businesses linked with Dr. Brian.

Mr. Belton alleged that the FBI had interviewed Bermuda-based businessman Mr.

David Thompson, who was chief financial officer of Intex for several years.

A freelance US journalist said he was also aware of an FBI investigation into the matter, although both Mr. Thompson and Dr. Brian deny they are aware of any inquiry.

Intex, which was set up to develop computer software for international futures trading, was put into liquidation last month with a net debt of $1.6 million.

The Securities and Exchange Commission in the US is also investigating possible criminal links between FNN and Bermuda.

FNN, which was put into Chapter 11 bankruptcy last year, is currently being reorganised.

A reorganisation plan recently drawn up, which has not yet been agreed by all parties, would result in the dropping of a Los Angeles County Superior Court lawsuit brought against FNN executives by some of its stockholders.

In return, the stockholders would receive $750,000 plus 930,000 shares in a new company.