Petricevic's latest legal bid fails

Rod Petricevic leaves the High Court in Auckland today. Photo / Paul Estcourt

Rod Petricevic has failed in his bid to have criminal charges against him thrown out of court due to a lack of money to pay for lawyers.

The former Bridgecorp boss is facing a number of criminal charges relating to when he was managing director of the finance company which collapsed in 2007 owing $459 million to investors.

The High Court last month turned down an appeal by Petricevic for legal aid and now his bid for a stay in proceedings has also been declined.

However, he has been given more time to prepare his defence, with his trial, which was originally set down to start on August 8, now due to start on September 5.

His lawyer Charles Cato then threatened to walk away from the case unless his client got legal aid.

Cato told the High Court at Auckland yesterday there was simply no money in a family trust to pay legal fees and without legal aid his client would not get a fair trial.

He wanted a permanent stay of criminal proceedings because he could not afford a lawyer.

Crown prosecutor Brian Dickey contended that he could not "go behind" last month's High Court ruling that declined legal aid.

"The reason the accused is not represented is that he can afford to, and has chosen not to be," said Dickey.

He said that while it was preferable that Petricevic had a lawyer, the former executive would still get a fair trial without one.

As a former managing director of a finance company, Petricevic was competent in nuanced financial matters and had received substantial legal advice over the past two years

Petricevic has been fighting Serious Fraud Office charges following the collapse of Bridgecorp in 2007.

That trial has been set down for March next year.

Separately Petricevic, Roest, former Bridgecorp chairman Bruce Davidson, and two other ex-directors Gary Urwin and Peter Steigrad, also face Securities Commission (now the Financial Markets Authority) allegations they made made untrue statements in the investment statements and registered prospectuses of Bridgecorp and Bridgecorp Investments.

The legal aid review panel agency declined Petricevic's legal aid application because despite being bankrupt, he is a trustee of the R.M. Petricevic Trust, which has considerable assets, and his wife Mary and adult sons are discretionary beneficiaries.

A financial report for the year ending March 31, 2009, revealed the trust had a total equity of $5.2 million, owning six rental properties in Auckland valued at more than $1 million with mortgage liabilities of $535,000.

-NZ HERALD STAFF / NEWSTALK ZB