Serepisos pays back rates

Cash-strapped Wellington property tycoon Terry Serepisos has paid back the bulk of his unpaid rates, his company says.

The star of TV's The Apprentice show and owner of the Wellington Phoenix football franchise was earlier reported by The Dominion Post to owe Wellington City Council around $2m in unpaid rates.

A short statement from Mr Serepisos' company, Century City yesterday, said he had "paid the majority of rates" and that all remaining rates would be paid in due course.

"Payments yet to be made...were for rates that were not yet overdue."

Mr Serepisos has admitted that the global financial crisis was affecting his business cashflows.

- NZPA