Petricevic trust legal battle delayed
The dispute between a family trust associated with Rod Petricevic and a former Bridgecorp subsidiary has been delayed until next month. A civil case between the R.M. Petricevic Trust and Navigator Finance was due to begin yesterday but has been adjourned until November. The trust is fighting a claim by Navigator Finance for $2.2 million. Petricevic is not a beneficiary of the trust but close family members
are. The Bridgecorp receivers, PricewaterhouseCoopers, are funding the case with the aim of distributing money to investors if Navigator wins.
Reserve Bank back in the black
The Reserve Bank of New Zealand returned to profit in the 2011 financial year on unrealised gains in its investment portfolio, and trimmed its return to the Government to $210 million. The central bank made a profit of $144 million in the 12 months ended June 30, according to its annual report, turning around a loss of $111 million a year earlier. Governor Alan Bollard reiterated messages that interest rates would stay lower
for longer after the recent meltdown in global financial markets as Europe attempts to get its sovereign indebtedness in order and the US struggles to rein in fiscal deficits. "While the future track of interest rates can be expected to rise to contain underlying inflationary pressures, we have signalled that movements in the OCR [official cash rate] are likely to be more restrained than in previous cycles," Bollard said.
- Staff reporter agencies
