and its directors and officers, The Royal Gazette has learned.

The call for an investigation follows the completion of a report on Televest by Mr. Gregory Haycock, whom Government named Inspector of Televest last month.

The appointment of a Government inspector came when Kempe & Whittle Ltd. were named joint provisional liquidators of Televest and related companies.

A $3.8 million claim from the receiver of a bankrupt Channel Islands company started a chain reaction which led to the apparent failure of Televest, the provisional liquidators have said.

Yesterday, a February 3 letter from Finance Secretary Dr. Walwyn Hughes to the secretary of Televest was leaked to The Royal Gazette .

"I am...advised to draw to your attention that the Inspector has reported a number of facts which suggest that offences may have been committed by the company or by one or more of its directors and/or officers,'' Dr. Hughes said in the letter.

"These facts have been reported to the Attorney General and I understand that he has asked the Commissioner of Police to investigate them.'' A Police spokesman said yesterday the Commissioner had not yet received instructions to start an investigation. She said instructions might be on their way to Police.

The letter from Dr. Hughes, which accompanied a copy of Mr. Haycock's report, said it was also the Inspector's opinion that Televest was insolvent.

Mr. Julian Hall, lawyer for Televest directors Mr. Richard Burns, Mr.Thomas Burns and Mr. Christopher Donnachie, yesterday described the Inspector's report as "a joke''.

Mr. Haycock's had admitted his report was based on "hearsay'' from Kempe & Whittle, Mr. Hall claimed. The Inspector only spent five minutes with his clients, he said.

Mr. Hall, who says Televest is solvent and alleges a local conspiracy to shut down the group, said: "What we have here is any number of professionals behaving in a less than professional manner.'' Mr. Hall said he knew nothing about a Police investigation. A court date is set for Monday to hear Mr. Hall's application that petitions to wind up the Televest companies be dismissed.

More than 500 Bermudians who bought $8.3 million worth of preferred shares in Televest saw redemption of their shares halted.