Further charges laid against Bridgecorp Directors

The Registrar of Companies has laid further criminal charges on indictment against the executive directors of Bridgecorp Limited, Rodney Petricevic and Robert Roest. This means that if a trial is held, it would be in front of a jury rather than judge alone.

The charges under section 58 of the Securities Act 1978 were laid in the Auckland District Court. 

They relate to statements made in Bridgecorp’s prospectus that it had never missed an interest payment or repayment. These same statements are the subject of other Companies Act and Securities Act charges laid by the Companies Office in June 2008. 

If convicted on these Securities Act charges, Petrievic and Roest could face up to five years imprisonment and / or fines of up to $300,000.

Registrar of Companies Neville Harris said as the case was before the Court it would not be appropriate to comment further.

Background

Between February and May 2007 Bridgecorp’s late payments totalled over $16 million. The payments were typically made one or two business days after the due date.

The delay in payments ranged from one to five days in the period up to 31 May 2007 and increased to 10 days after 20 June 2007. The largest default of $1,674,814 occurred on 30 March 2007 when maturity proceeds and interest payments were not paid on time. These were paid subsequently on 2 and 3 April 2007

In June 2007 a number of interest payments and investment redemptions, totalling almost $4 million, were not made at all and still had not been paid at the date of receivership.

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