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Rod Petricevic and the other directors of failed finance company Bridgecorp are facing another inquiry, this time by the Ministry of Economic Development.
The firm, which collapsed last July owing almost $460 million to 14,500 debenture investors, is also being investigated by the Serious Fraud Office.
A ministry spokeswoman said its national enforcement unit was investigating the collapse but would not comment further or say whether criminal charges would be laid under the Companies Act.
The Herald on Sunday understands the inquiry is focusing on whether Bridgecorp's prospectus was misleading or inaccurate in describing its financial position to potential investors.
Confirmation of the inquiry comes a week after a High Court judge ordered Petricevic to pay a $650,000 debt demanded by Bridgecorp receivers.
Associate Judge David Robinson said a counterclaim from Petricevic for $1.1 million in salary, bonuses and redundancy did not "afford a defence" and should be referred to the Employment Relations Authority.
