KEY POINTS:
Auckland property developer Andrew Krukziener lost $2.8 million in 10 minutes in the High Court at Auckland this morning.
The court ruled Krukziener, best known for building Auckland's Metropolis Tower, must pay financially-crippled Hanover Finance interest on a $4.1m debt.
The court had three years ago ordered him to repay the $4.1m over a failed joint venture property development.
The amount owed to Hanover, now $6.98m, includes an interest rate of 18 per cent, compounding monthly, from March 2006, it was reported today.
Krukziener was not in court but Hanover's lawyers told Justice Patricia Courtney he had withdrawn an application to stay bankruptcy proceedings against him.
The $4.1m debt has been outstanding since 2002 when Krukziener entered an agreement with Hanover, then called Elders Finance.
Hanover later called in the loan when he fell behind in payments.
Hanover, working with trustee Guardian Trust, filed a bankruptcy notice against Krukziener, which he appealed.
Last August Justice David Abbott dismissed Krukziener's claims that he was owed more than the existing debt to Hanover.
The matter has been adjourned until next month.
- NZPA
