Bridgecorp trial hits new delay

(L- R) Former Bridgcorp directors Rod Petricevic and Robert Roest. Photo / Brett Phibbs.

The trial of former Bridgecorp directors has been plagued by yet another delay and will close early for the year.

Bridgecorp bosses Rod Petricevic, Rob Roest and Peter Steigrad are accused of misleading investors and each face 10 Securities Act charges of making untrue statements in the offer documents of Bridgecorp and Bridgecorp Investments.

Petricevic and Roest also face eight charges under the Crimes Act and Companies Act of knowingly making false statements in offer documents that Bridgecorp had never missed interest payments or repayments of principal to investors.

Bridgecorp collapsed in July 2007 owing $459 million to 14,500 investors.

The trio deny the charges against them.

Their trial in the High Court at Auckland began in October but will wrap up early for the year after Steigrad's counsel, Brian Keene QC, fell ill and was hospitalised.

The Herald was told today Keene's condition was "not good" but that he is expected to recover.

Two more Crown witnesses will now give evidence on Tuesday and the trial will then finish for the year.

It will resume in the new year on January 23.

The start of the trial was delayed four times this year following issues of legal representation or applications for legal aid.