The company's internal audit and risk manager Indra Kumar continued to be questioned as a Crown witness today, on a confidential report he wrote dated November 30 2006.
The report detailed a number of uncertainties around a loan paid by Bridgecorp to Barcroft Holdings Ltd totalling $90,475,966, which was the first of a series, he said.
Barcroft had covert ties with Bridgecorp director Gary Urwin through trusts, and through parent company BHL, a company which Bridgecorp exercised considerable control over, the Crown alleges.
Kumar was concerned about the deal and called for more "basic information" which was missing.
Parts of the deal did not comply to standard business practices, and left Bridgecorp in an uncertain position, he said.
He said a formal exit strategy was normally prepared by the borrower, but one "was not available" in this instance.
Kumar also told the court how Bridgecorp could, and would have, accessed funds borrowed by other subsidiary companies Monice Properties and Bristol Securities Ltd.
Throughout earlier questioning in the morning, Kumar pointed out abnormal accounting practices in Bridgecorp business statements and transactions.
He said over 2006 and 2007, Bridgecorp faced "cash flow difficulties" and was lending out cash it did not have.
The trial continues tomorrow and is expected to last until March next year.
