(Reuters) The board's announcement followed a Jamaican newspaper report which said that former West Indies fast bowler Courtney Walsh had asked his own lawyers to look into the matter.
Stephen Alleyne, president of the Barbados Cricket Association and a member of the WICB finance committee, said the authorities would make a fuller statement after the investigation.
"It is obviously a matter of great significance for the players and staff involved and the finance committee has recommended that the WICB thoroughly investigate the matter and seek our attorneys' advice," said Alleyne.
"The process is in train and once complete the WICB will be in a position to respond to those who may be affected and then make an appropriate public statement."
The West Indies Cricket Board (WICB) has consulted lawyers and launched an investigation into the administration of an investment fund for players.
