Bridgecorp directors granted bail

Bridgecorp executive directors Rod Petricevic and Robert Roest have been granted bail after appearing in court on three criminal charges.

Petricevic and Roest were remanded without plea when they appeared in Auckland District Court, each facing on two charges under the Securities Act and one under the Companies Act.

The charges, laid by the National Enforcement Unit of the Companies Office, related to statements made in the company's prospectus and in a director's certificate.

Petricevic's bail conditions included having to surrender his passport. Prosecutors did not oppose bail being granted.

The pair, who showed little emotion in court today, will reappear to Auckland District Court on September 9.

Roest's lawyer Bruce Gray said neither man wished to comment on the allegations. He said it was too early to say whether the charges would be defended.

Petricevic and Roest are charged with making a false statement to the trustee for the debenture holders when they signed a director's certificate on April 30, 2007.

The certificate stated that interest and principal of the securities has been paid or satisfied on due date.

The prosecutors allege that between February and May 2007 Bridgecorp's late payments totalled more than $16 million.

Bridgecorp collapsed last year when it was put into receivership in July, owing 14,500 investors almost $460 million.

The prosecution is separate to a Serious Fraud Office investigation.


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