Second interim dividend for Bridgecorp's secured investors
Payment brings total distributions to date to 8 cents in the dollar.
Hot Topic
Scrutiny
Bridgecorp’s out-of-pocket secured investors will receive a second interim dividend of 4.5 cents in the dollar, or $20.6 million.
Payment will be made in the week starting August 20, bringing total distributions to date to 8 cents in the dollar.
Receivers PwC say further distributions remain dependent on the outcome of legal proceedings relating to the action of directors and other parties prior to the receivership.
“With the Financial Market Authority's criminal proceedings against the directors having now concluded, the Receivers' civil claim, which was filed in January 2012, is now proceeding through the Court,” PwC partner Colin McCloy says.
Bridgecorp collapsed into receivership in June 2007 owing $459 million to 14,500 investors – an average of about $33,000 each.
Investors have previously been told the likely recovery is less than 10c in the dollar.
Bridgecorp’s managing director Rod Petricevic was jailed for six and a half years in April after being found guilty of misleading investors in the company’s 2007 prospectus.
Last week Petricevic had an extra four months added to the term after he pleaded guilty to four fraud charges, relating to the fraudulent acquisition and financing of a luxury launch, the Medici, bought using $3.5 million of Bridgecorp money.
Georgina Bond
Fri, 27 Jul 2012
Fri, 27 Jul 2012
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Second interim dividend for Bridgecorp's secured investors
22501