Former Australian test cricketer owes Bridgecorp $A18m

By NZPA

Thursday 12th July 2007

Former Australian cricket test fast bowler Craig McDermott has been revealed as the Queensland developer owing more than $A18 million ($NZ20.1 million) to the Australian capital raising arm of Bridgecorp.

The 42-year-old borrowed the money to buy land on the Queensland coast, which he has since subdivided and is selling as house and land packages, The Sydney Morning Herald reported today.

He yesterday assured the newspaper he could repay the money to Bridgecorp Finance Ltd, to which receivers were appointed on Tuesday last week.

Bridgecorp in Australia owes its 1000 investors $A24.5 million ($NZ27.3 million).

The day before the Australian receivership, Bridgecorp's New Zealand fundraising arm collapsed owing 18,000 investors about $500 million.

Asked how he planned to pay off the loan, and whether he had immediate access to the money, McDermott said he did not want to give details until he had spoken to Bridgecorp's receiver in Australia, Brian Silvia from Ferrier Hodgson.

"We are waiting for them to come and see us," he told the Herald "I am sure they will come and see us and everything will be fine."

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