Rod Petricevic says he was quite relaxed giving his signature to Bridgecorp’s 2006/2007 prospectus, now under scrutiny in Auckland High Court.
Bridgecorp’s typical practice in signing documents was that chairman Bruce Davidson would sign first.
“He would often ask any questions he felt necessary,” said Mr Petricevic.
“I myself was comforted by that and I would ask questions as well.”
But there was nothing in the figures that gave him reason to ask questions.
Financial statements in the prospectus had been through a sign-off process that lasted three-four months before Mr Petricevic gave them his signature in December 2006, he told the court today.
“To my mind they were up to date in December.
“January and February were very quiet months and I wasn’t alerted to anything [likely to change the financial situation] that was out of the ordinary,” he said.
“So I was quite relaxed there was no material difference between that period and the signing of this [prospectus].”
Mr Petricevic and fellow directors Rob Roest and Peter Steigrad have denied Financial Markets Authority charges they mislead investors in the company’s 2006/2007 prospectus and associated financial statements.
The charges carry a maximum penalty of up to five years in jail or a fine of up to $300,000.
Mr Petricevic continues to give evidence in his defence today.
Yesterday he spent the first minutes under examination by his lawyer, Charles Cato, apologising to the 14,000 investors who lost $459 million when Bridgecorp collapsed in June 2007.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- John Key: I won't take a traditional role after being PM
- OECD blames stalled world growth on central bank 'distortions'
- Bankruptcy for Bryers’ former Aussie boss
- Warehouse lifts staff entitlements provision 37% with holiday backpay looming
- Affco tried to gag union badmouthing Talleys as condition of meat contract talks
Most listened to
- Knewe Biosystems founder Dr Graeme Coles discusses the future of his product
- Media Snapchat: NBR’s Nick Grant ponders the Human Rights Commission’s role in RHOAKL racism row
- Craigs' Mark Lister on good equities returns for the September quarter to date
- 'It had become far too complicated so we threw it all out the window' – Jane Wrightson on NZOA's new funding model
- Matthew Hooton's picks for Key's next cabinet