Petricevic Navigator dispute back in court

Rod Petricevic. Photo / Sarah Ivey

The dispute between a family trust associated with Rod Petricevic and a former Bridgecorp subsidiary was back in court yesterday to discuss a trial date.

The R.M. Petricevic Trust is fighting a claim by Navigator Finance for $2.2 million. The trust's lawyers claim the money was an advance, not a loan.

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.

Last year, Navigator successfully placed a caveat over the Petricevic family home in Remuera, valued at $4.4 million, to prevent its sale, securing the asset. The defence argued the home needed to be sold to fund Petricevic's defence.

It has since sold for an undisclosed sum under a conditional sale, meaning Navigator had to agree to the price and whether the funds would be placed in trust for protection.

Last Friday, the High Court dismissed Petricevic's appeal against a legal aid review panel that declined his application for legal aid to fund his defence against Serious Fraud Office charges.

Petricevic has pleaded not guilty to criminal charges related to his role as a former director of Bridgecorp.