The Petricevic files

The Bridgecorp trial heated from Monday as MD Rod Petricevic took the stand. A guide to the case so far, and highlights of NBR's coverage this week:

Georgina Bond
Sat, 25 Feb 2012

The Bridgecorp trial heated up this week, when the firm’s managing director Rod Petricevic took the stand at the Auckland High Court.

Mr Petricevic is giving evidence in his defence on Financial Markets Authority charges he misled investors in the company’s 2006/2007 prospectus and associated financial statements.

The property financier left 14,000 investors $459 million out of pocket – an average of about $33,00 each – when it fell into receivership in June 2007.

Fellow directors Rob Roest and Peter Steigrad have denied the same charges.

Looking hot-under-the-collar at times during cross-examination by Crown lawyer Warren Cathcart, Mr Petricevic told the court he was an entrepreneur, focussed on growing Bridgecorp’s business and was not involved in the day-to-day mechanics of the business.

Company chairman Bruce Davidson last year pleaded guilty to misleading investors and was sentenced to home detention ordered to do community work and ordered to make $500,000 reparation.

Fellow director Gary Urwin also pleaded guilty and is to be sentenced next month.

The charges carry a maximum sentence of five years in jail or a fine of up to $300,000.

NBR has reported on the trial from Auckland High Court this week.

Trial highlights (in chronological order) included:

Petricevic plays dumb

The day the money ran out – Petricevic’s version

Investors not lied to, Petricevic insists

Cross-examination latest: Petricevic ignored warnings as rumours swirled

Crown catches Petricevic out with email

Petricevic admission on related party loans

Petricevic: Finances weren’t deteriorating

Finances were volatile – Bridgecorp’s Rod Roest