Kelt owed rates on his Hastings office

16:00, Jan 22 2013

Embattled merchant banker Sam Kelt had unpaid council rates of about $40,000 on the Hastings office from which he was evicted.

Gareth Hoole, receiver of Mr Kelt's company Manhatten Services, said mortgage lender Asteron Trust Services had received a bill from Hastings District Council for about $40,000 in unpaid rates.

Manhatten Services leased office space to another of Mr Kelt's companies, Kelt Capital.

In his second receiver's report, issued on Monday, Mr Hoole said attempts to recover the amount from Kelt Capital had been unsuccessful.

The rates had been paid by Asteron, which holds a first ranking mortgage of $2.2 million on the property, on the corner of Nelson and Heretaunga streets.

Crown Asset Management has a second ranking mortgage of $850,000 on the property, which consists of two titles with a combined capital value of $1.65m.


Kelt Capital was evicted by Manhatten Services' receivers in October after failing to pay rent. The building is now for sale.

Kelt Capital once sponsored events and sports teams, including the Hawke's Bay rugby team. It was told last month that it had to pay $335,160 in unpaid tax by March.

Inland Revenue had applied to put the company into liquidation over an outstanding debt that went back as far as 2010.

After the matter was heard in the High Court, IRD agreed to give Mr Kelt until the end of March to repay the full amount.

The Dominion Post