helped build the plush St. George's Club timeshare units.

York Hannover (Bermuda) is an investment company belonging to the financially troubled Swiss-based York Hannover group of companies.

The writ has been filed by Bermuda resident, Arthur White, who claims he is owed 757,000 Canadian dollars by the company.

Mr. White claims to have lent the firm C$2.5 million in 1981 to get the St.

George's Club project off the ground.

It is understood that the balance of the loan has already been paid back.

Nobody from the hierarchy of the York Hannover group was available for comment yesterday.

The group has a complicated corporate structure involving several companies registered in many countries around the world.

It was not known yesterday how or if a winding up action against York Hannover (Bermuda) would affect the St. George's Club.

The 65 timeshare units, which contain three swimming pools, three tennis courts, restaurant and bar facilities, are owned by another locally-based company called York Hannover (St. George's).

Although some of the money to build the St. George's Club is believed to have come from York Hannover (Bermuda), officials with York Hannover (St. George's) say they have never heard of the company.

Mr. Dan Kramer, executive vice president of York Hannover (St. George's) said: "There is no debt to York Hannover (Bermuda) Ltd. It appears as if it just raises investment capital for projects, one of which could be the St. George's Club.'' If money from Bermuda investors was used to build the local timeshare units, it must have been transferred from York Hannover (Bermuda) to another York Hannover company before being lent to York Hannover (St. George's), he said.

"It is a little strange,'' he added. "It's different. You would have thought the money would have gone straight from York Hannover (Bermuda) to York Hannover (St. George's).'' York Hannover (St. George's) is held by York Hannover (Curacao), in the Netherlands Antilles, which itself is owned by York Hannover Holding AG.

Nobody at York Hannover Holding AG could be contacted yesterday because its telephone lines had been disconnected.

The group is owned by German-Canadian businessman Mr. Karsten von Wersebe, who, according to his own staff in Toronto, is difficult to track down at the moment.

York Hannover Development in Canada is in the process of being liquidated, while its European operation is embroiled in a banking scandal involving the Rothschild Bank of Zurich.