Fate of Bridgecorp five waits till May

Former Bridgecorp director Bruce Davidson outside the Auckland District Court. File photo / Sarah Ivey

The fate of the five men at the centre of claims they lied to Bridgecorp investors will not be known for another month.

Former directors of the failed finance company Bruce Davidson, Rod Petricevic and Rob Roest, together with non-executive directors Gary Urwin and Peter Steigrad are facing 10 charges brought by the Securities Commission relating to issuing false company prospectuses.

The prosecution alleges the directors lied to prospective investors in a Bridgecorp's term investment prospectus, an investment statement and advertisements for the company.

The depositions hearing will determine whether the five will stand trial for the charges brought by the Securities Commission.

However that outcome is not expected to be known until early May, because the next available court date is not until the end of next month.

The hearing is expected to be adjourned at the close of court tomorrow.

No date has been set, although the last week of April is being considered.

Today's witnesses in the long running case included Francis Dawson, a partner in an Auckland law firm, who went into great detail about his involvement with Bridgecorp and its prospectus.

One of the directors of Bridgecorp was seen to fall asleep during the witness statement.

In court Dawson also spoke highly of Bridgecorp director Bruce Davidson who he said was the first person he would turn to if he had a concern.

"He absolutely captured the good of the argument."

"If you are looking for a professional view - if a partnership ought to make more money or staff ought to be treated a certain way, Bruce Davidson was always on the side of good and integrity."

"I'm proud to say he's a friend."

Bridgecorp collapsed in July 2007 owing about $460 million to 14,500 investors.

Debenture holders are likely to receive less than 10c in the dollar.