NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Companies / Banking and finance

Bridgecorp: Roest gets six years jail

APNZ
18 May, 2012 12:33 AM2 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

Robert Roest (L) and Peter Steigrad (R).
Robert Roest (L) and Peter Steigrad (R).

Robert Roest (L) and Peter Steigrad (R).

Bridgecorp's former financial controller Rob Roest will join the failed finance company's boss Rod Petricevic behind bars - but another former director escaped prison when the men were sentenced at the High Court in Auckland this morning.

Roest was jailed for six years and six months and Peter Steigrad was ordered to complete nine months of home detention, 200 hours of community work and ordered to pay $350,000 in reparations.

Like Petricevic, Roest was found guilty of all 10 of the Securities Act charges he faced. Steigrad was convicted of six.

Petricevic and Roest were also found to have acted dishonestly and guilty of knowingly making false statements in an effort to induce investors to pour money into Bridgecorp.

The latter charges relate to statements in Bridgecorp's offer documents that the company had never missed a payment of interest or principal to investors.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

According to evidence tabled in their four-month-long High Court trial, Bridgecorp began missing payments to investors on February 7, 2007. The company collapsed about five months later owing $459 million to 14,500 investors.

Petricevic maintained in court he did not know of the first set of missed payments until he read about it in the newspaper.

But, in what became something of a blame game, Roest said he kept Petricevic informed of developments concerning money going to investors on time.

Advertisement
Advertise with NZME.

Petricevic denied this and his lawyer, Charles Cato suggested Roest may have a motive to implicate his fellow director, saying it was ``human nature'' for a co-accused to attempt to "mitigate their position'' when standing trial.

But Justice Geoffrey Venning ruled that Roest's evidence was reliable.

"Given the situation Bridgecorp faced at the time, it is logical that Mr Roest and Mr Petricevic would discuss Bridgecorp's cash flow and its commitments to investors ... Mr Roest had nothing to gain and no reason to withhold information regarding the missed payments from Mr Petricevic,'' Justice Venning said.

Petricevic was sentenced last month to six and a half years in prison.

Discover more

Crime

Bridgecorp guilty verdicts welcomed

05 Apr 02:05 AM
Crime

Bridgecorp directors showed 'callous disregard'

05 Apr 04:38 AM
Banking and finance

Petricevic jailed for 6 and half years

25 Apr 11:27 PM
Crime

Urwin decides against jail term appeal

16 May 12:18 AM

Another former director Gary Urwin, who pleaded guilty to 10 charges of misleading investors, was sentenced last month to two years in prison. His lawyer David Reece told APNZ earlier this week that his client would not be appealing the sentence.

Save

    Share this article

Latest from Banking and finance

Premium
Companies|banking and finance

NZ’s largest taxpayers revealed - does big business play fair?

01 Jul 05:00 PM
Banking and finance

Watercare secures $3.4b debt facility, largest for NZ corporate

30 Jun 05:00 PM
Personal Finance

Big Reserve Bank scheme to protect Kiwis' savings launching

29 Jun 05:00 PM

There’s more to Hawai‘i than beaches and buffets – here’s how to see it differently

sponsored
Advertisement
Advertise with NZME.
Recommended for you
Liverpool player killed in car crash aged 28 - reports
Sport

Liverpool player killed in car crash aged 28 - reports

03 Jul 08:38 AM
Bus passengers rescued from floodwater in Taranaki, heavy rain sweeps country
New Zealand

Bus passengers rescued from floodwater in Taranaki, heavy rain sweeps country

03 Jul 08:18 AM
Fatal crash charge: 20-year-old to face court over Southland tragedy
New Zealand

Fatal crash charge: 20-year-old to face court over Southland tragedy

03 Jul 08:09 AM
'Needs to be killed': Gang president allegedly ordered fatal attack on fellow member
New Zealand

'Needs to be killed': Gang president allegedly ordered fatal attack on fellow member

03 Jul 08:00 AM
Cemeteries worth making a stop at in Europe
Travel

Cemeteries worth making a stop at in Europe

03 Jul 08:00 AM

Latest from Banking and finance

Premium
NZ’s largest taxpayers revealed - does big business play fair?

NZ’s largest taxpayers revealed - does big business play fair?

01 Jul 05:00 PM

Thirteen companies each pay more than $100m in annual income taxes.

Watercare secures $3.4b debt facility, largest for NZ corporate

Watercare secures $3.4b debt facility, largest for NZ corporate

30 Jun 05:00 PM
Big Reserve Bank scheme to protect Kiwis' savings launching

Big Reserve Bank scheme to protect Kiwis' savings launching

29 Jun 05:00 PM
Former CFO of failed insurer CBL to pay $1.2m for continuous disclosure breaches

Former CFO of failed insurer CBL to pay $1.2m for continuous disclosure breaches

26 Jun 11:50 PM
From early mornings to easy living
sponsored

From early mornings to easy living

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP
search by queryly Advanced Search