Former Bridgecorp Rob Roest has begun giving evidence in his own defence after the Crown wrapped up its cross-examination of his co-accused Rod Petricevic.
The two men, along with fellow director Peter Steigrad, are accused of misleading investors in Bridgecorp's offer documents and are on trial in the High Court at Auckland.
Yesterday, Petricevic argued Bridgecorp's financial position had not materially worsened between June 2006 and March 2007, when the former managing director signed documents extending the life of an allegedly misleading prospectus.
"Did you accept that very tight situation [Bridgecorp was in] was a material change in circumstance?" Crown lawyer Warren Cathcart asked.
"We believed the amendments made to the prospectus reflected the situation Bridgecorp was in...we were tighter but it was manageable," Petricevic said.
In his final set of questions Mr Cathcart then asked the witness:
"Do you consider a finance company that regularly missed its interest payments and maturity payments to investors was a company that had deteriorated considerably?"
"Mr Cathcart I stand by my statement that I do not believe Bridgecorp missed its interest payments," Petricevic said.