27 Oct 2011

Serepisos property transfer under investigation

6:00 pm on 27 October 2011

A government agency investigating the bankruptcy of Wellington businessman Terry Serepisos is to look at assets involved in a property transfer.

The Insolvency and Trustee Service says several apartments and car parks were transferred from Century City Developments into the names of Mr Serepisos and a colleague, Stathis Moutos, on 31 August.

Mr Serepisos was declared bankrupt on 26 September owing creditors about $230 million.

A spokesperson for the service, Joanne Basher, says it was aware of the transfer. She says it is normal to investigate why the properties were put into the names about a month before the bankruptcy.