Bridgecorp pair bailed

Former Bridgecorp directors Rod Petricevic and Rob Roest were bailed after appearing in the Auckland District Court yesterday on several Serious Fraud Office (SFO) charges. The SFO laid seven charges against Petricevic and five against Roest in May.

Yesterday both Petricevic and Roest signed bail applications but did not enter a plea. The charges involve a total of $5.2 million. If they are convicted they face up to seven years' jail on each charge.

Bridgecorp collapsed in 2007 owing 14,500 investors almost $460 million.