Millionaire businessman Sam Kelt has been fined $500 for knocking a young cyclist off his bicycle with an unwarranted car.

Kelt, 46, appeared before two justices of the peace in Hastings District Court yesterday for what was to be a defended hearing.

Kelt did not appear in court and was represented by lawyer Michael Bate, who entered a guilty plea on his behalf to a charge of failing to give way, the Dominion Post reported.

A further charge of careless driving was withdrawn by police.

Kelt, a merchant banker, was driving a 1994 Toyota Corolla in St Aubyn St East, central Hastings, about 8am on May 4.

As he entered a roundabout he failed to notice a 13-year-old cyclist on his right and collided with him.

The boy fell from his bike but was not injured.

When police arrived, they discovered Kelt's vehicle did not have a warrant of fitness. The vehicle is owned by his merchant bank, Kelt Capital. Kelt told police he believed he had given way but also said the sun was in his eyes.

Mr Bate said Kelt had apologised to the boy and had bought him a new bicycle.

The justices of the peace fined Kelt $300 for the driving offence, and $200 for failing to have a warrant of fitness.

Kelt said he pleaded guilty so the boy did not have to give evidence.