Bridgecorp's Urwin sentencing delayed

Former Bridgecorp director Gary Urwin. Photo / Steven McNicholl

The sentencing of Bridgecorp director Gary Urwin has been delayed until April next year.

Urwin appeared in the High Court at Auckland this morning after pleading guilty to 10 charges brought under the Securities Act for misleading investors.

The maximum penalty he can face is 5 years' imprisonment or a fine of up to $300,000.

He was due to be sentenced today, but this was put off and Justice Pamela Andrews banned reporting of the details of this morning's proceedings.

All the media is allowed to reveal is a disputed facts hearing is set to begin in the first week of April unless an earlier date becomes available.

Sentencing will then follow.

Last month, Urwin's lawyer asked for a home detention report to be prepared, but prosecutor Brian Dickey said the Crown would oppose home detention.

"We will be seeking a term of imprisonment," Dickey said.

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

The trial of fellow directors Rod Petricevic, Rob Roest and Peter Steigrad has adjourned the year and is set resume in the New Year.