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Bridgecorp's directors to be prosecuted

Jonathan Underhill

Monday 23rd June 2008

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Bridgecorp Ltd. and executive directors Rod Petricevic and Robert Roest face criminal charges over alleged false statements in a company prospectus.

The finance company claimed that it had never missed an interest or principal payment but had missed many payment deadlines in the first half of 2007, according to a statement from Registrar of Companies Neville Harris. The company was put in receivership in July last year.

Bridgecorp faces one charge under the Securities Act of "allotting debenture stock to members of the public while knowing that its prospectus was false," the statement said. Petricevic and Roest each face two charges under the Securities Act and one each under the Companies Act.

Between February and May 2007, Bridgecorp's late payments were more than NZ$16 million, the statement said.

Bridgecorp's receivers estimate the company owes about NZ$450 million. Petricevic and Roest are due to appear in Auckland District Court on July 29.


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