Bridgecorp director gets legal aid

Former Bridgecorp directors Rod Petricevic (l) and Robert Roest. Photo / Richard Robinson

Former finance company boss Rod Petricevic is seeking a stay of proceedings in his High Court trial.

A hearing is scheduled next week to determine whether the trial will go ahead or whether fellow Bridgecorp executive Rob Roest will be tried separately, Radio NZ reported.

Bridgecorp collapsed in 2007 owing $459 million to 14,000 investors.

Petricevic, Roest and three other directors face SFO charges for allegedly misleading investors about the company's financial health. That trial was due to begin on Monday.

At a hearing on Friday, the court was told that Mr Roest had a legal aid application approved on Thursday night, according to Radio NZ.

Petricevic had been unable to get legal aid because, despite being bankrupted, the Legal Aid Agency has found that a family trust has assets.

Petricevic's lawyer Charles Cato told the court that his client had been funding his legal bills under an insurance policy but that was now exhausted.

- NZ HERALD ONLINE