Bridgecorp directors face further charges

The Crown filed additional charges against former Bridgecorp directors Rod Petricevic and Rob Roest at the High Court at
Auckland today.

Last month, the SFO filed criminal charges against Petricevic and Roest for allegedly using $1.8 million of Bridgecorp funds to purchase and
maintain a luxury yacht, the Medici.

The SFO also filed charges against Petricevic for allegedly making fraudulent payments of $1.2 million to a consultancy business run by his personal associate Janita Wright, who was hired to provide marketing, database management and an after hour call centre services.

The SFO claims the business was a ``sham'.

Petricevic and Roest have pleaded not guilty to these charges.

Last month, SFO director Adam Feeley said there had been ``extensive and exhaustive investigations' into the failure of Bridgecorp.

He added this investigation had been critical to both the wider investigations into failed finance companies and the SFO's long-term
strategy for fighting corporate fraud.

Today, the SFO filed further charges against the two former directors
under the Crimes Act and Companies Act.

They pleaded not guilty to these charges.

In a separate case, the directors together with the other directors Bruce Davidson, Gary Urwin and Peter Steigrad were committed to trial last month for alleged breaches of the Securities Act.

They have all pleaded not guilty to these charges.

Today their trial was set to begin on July 4, 2011.

Bridgecorp collapsed in 2007 owing 14,500 investors almost $460 million.

Petricevic and Roest have been banned from directing or managing a
company for five years from May 29, 2009.

- NZ Herald staff