Photofits of the men suspected of kidnapping Welsh businessman Peter Shaw have been released by police in the former Soviet state of Georgia.

Overseas news reports suggested on Thursday that an operation to try to release him had been unsuccessful.

Police hope the pictures will jog memories

Banker Mr Shaw, 57, from Cowbridge, south Wales, was abducted by a gang near his home in the capital Tbilisi during a street shoot-out on 18 June.

On Wednesday, government officials suggested that senior Georgian law enforcement officials may have kidnapped him.

During the morning, Georgian police launched an release bid.

They carried out a building-by-building search operation, inspecting several blocks of flats in two housing estates near to the kidnap scene.

But that effort was not successful and now authorities believe high-ranking officials in the former Soviet republic may be holding the well-travelled Agrobiznesbank director.

The photofits have been widely released

Interior minister Koba Narchemashvili told Rustavi-2 television news: "One of the theories we are currently considering is that existing or former members of some official structure may have been involved in the attack.

"We are considering it because the attack bears the hallmarks of their involvement."

Security minister Valeri Khaburdzani said: "It bears the hallmarks of an attack by members of law-enforcement bodies.

"The behaviour of the four people who were armed with automatic weapons certainly suggests that they have done some training in a special-purpose detachment.

Facts: Peter Shaw

Originally from Maesteg Home in Cowbridge Worked on EU project in Georgia Previously a Midland Bank manager Kidnapped on 18 June

"The training of a special-purpose detachment of that kind does not take place in all the law-enforcement bodies. It is possible that senior officials have received such training."

Georgia's '24 Saati' newspaper Wednesday quoted police as saying Mr Shaw, from Cowbridge in south Wales, was being kept at a basement in the Didi Dighomi district.

Two cars used by his abductors were found abandoned along with that of Mr Shaw in the Tbilisi suburb the day after his abduction.

Aided by detectives from London's Scotland Yard, they have produced photofits of the suspects.

But their search found nothing, although the local police chief hailed it a success.

Project retirement

Mr Shaw was working as a project director for Agrobiznesbank under the Tacis development programme sponsored by the European Union.

Originally from Maesteg, he took early retirement as a Midland Bank manager six years ago, then worked in Azerbaijan and Hungary.

Flying back

He had been in Georgia since 1996 and was appointed team leader in 1999.

His work complete, he was due back at London's Heathrow airport just two days after his capture.

Approached outside his house, an armed group dressed in fake security uniform demanded he follow their car, but genuine police officers turned up as he began to resist their moves.

A third car carrying men in camouflage pulled up and opened fire on the officers with automatic weapons, leaving the gang to snatch the key businessman off the street.

Reward offered

Earlier, police believed the abductors may demand a ransom and fingered separatists from neighbouring Chechnya as possible suspects.

But the group has not made any contact with authorities and the only money on offer has been a reward for information of 15,000 lari, or �5,000, from President Eduard Shevardnadze.

Asked to comment on the new theory, the president said: I have no such reports. However, nothing can be ruled out."

The pair had met several times professionally and Mr Shaw had become a prized acquaintance so the president has taken a special interest in the case, saying he was "outraged"

Kidnap 'fad'

But Mr Shevardnadze has come under pressure from European Union commissioner Chris Patten to fee the UK citizen.

It is the latest in a notorious line of kidnappings of foreign nationals in Georgia.

Last week, state prosecutor-general Nugzar Gabrichidze speculated Mr Shaw's kidnapping could be linked to a 1m euro Abgrobiznesbank deal discussed in Brussels this week

Mr Shaw has three children - Lisa, 30, Rhodri, 29, and Philip, 26 - and two former wives back in Wales.

Law enforcement authorities intend to release, over the next few days, official documents detailing Mr Shaw's activities since he arrived in Georgia.