16 Nov 2010

Serepisos faces court action from IRD

8:11 pm on 16 November 2010

Analysis of court documents has revealed the full extent of taxes owed by Wellington property developer Terry Serepisos.

Mr Serepisos, one of whose companies owns Wellington's professional football team, the Phoenix, is charged with owing the Inland Revenue Department about $3.5 million.

According to the documents, the debts include $1.2 million in PAYE on behalf of Phoenix employees, a category that may include the players.

Mr Serepisos's property company, Century City Developments, allegedly owes nearly $400,000 in PAYE and $800,000 in GST.

Inland Revenue will go to the High Court next month seeking to liquidate several of Mr Serepisos's companies.

Neither the department nor Mr Serepisos would comment on the case.

But Phoenix chief executive Nathan Greenham says players' position is safe, even though the company that owns the club faces the prospect of liquidation.

Mr Greenham says financial difficulties are nothing new and he expects the case to be settled out of court.