Bridgecorp Limited : 1723
Bridgecorp Limited: Case No 1723
Bridgecorp Limited was placed into receivership on 2 July 2007 owing approximately 14,500 debenture holders approximately $459 million.
The principle activity of Bridgecorp Limited was the sourcing of funds, and lending, in relation to property financing transactions which were primarily funded through issuing secured debentures to members of the public.
Rodney Petricevic, was the former Managing Director and majority shareholder in Bridgecorp. Robert Roest, was the former Finance Director, Chief Financial Controller for Bridgecorp and Secretary to the Board of Directors. Robert Roest is a former Chartered Accountant.
After considering a complaint received from PricewaterhouseCoopers, the Director determined that an investigation into the affairs of Bridgecorp Limited may disclose serious or complex fraud. An investigation under Part II of the Serious Fraud Office Act was commenced on 1 May 2008.
Progress of Investigation
In respect to FMA charges in Bridgecorp: The FMA has consented to an $18.9 million settlement between the receiver of Bridgecorp, the Bridgecorp directors, and their liability insurers. FMA has agreed to end its own civil proceedings against the Bridgecorp directors once the settlement sum has been paid.
The former Chief Financial Controller of Bridgecorp Limited, Robert Roest has also pleaded guilty in the Auckland District Court to one Crimes Act charge and two Companies Act charges brought against him by the Serious Fraud Office. He also entered guilty pleas to charges brought by the Inland Revenue Department relating to misapplication of PAYE deductions. Robert Roest has received an uplift of three months on his existing sentence of imprisonment of six and a half years, imposed in May, in respect of FMA convictions of various offences under the Securities Act, Crimes Act, and Companies Act.
Rodney Petricevic has pleaded guilty in the Auckland District Court to two Crimes Act charges and two Companies Act charges brought against him by the Serious Fraud Office. He has received an uplift on his sentence of a further four months imprisonment in addition to his existing sentence of six and a half years in respect of earlier Financial Markets Authority (FMA) convictions in April this year.
The three week trial originally set down for 5 March 2012 has been rescheduled to commence on 24 September 2012.
Not guilty pleas have been entered and the case has been committed to trial. A trial date of 5 March 2012 has been set. The next appearance date is yet to be set.
Rodney Petricevic and Robert Roest made a further appearance in the Auckland District Court on 27 September 2010. No pleas were entered. They are scheduled to next appear again in the Auckland District Court on 18 January 2011.
The SFO filed formal written statements in the Auckland District Court on 6 September 2010. On 21 September 2010 the case was committed for trial.
On completion of the investigations into a number of matters, final investigation reports were prepared for the Director. On the basis of these reports and following consultation with SFO Panel Counsel the Director decided to charge Rodney Petricevic and Robert Roest with offences under the Crimes Act.
Two charges were laid against Rodney Petricevic concerning his conduct in respect of a company called ABb. Due to the change in the law; these were charged in two distinct periods of time and under different sections – sections 220 & 227(ba) and then section 219.
Five charges under sections 220, 227(ba), 228, 229a(b), were laid against Rodney Petricevic and Robert Roest concerning the acquisition of the vessel ‘Medici’.
The accused were summonsed and made their first appearance in the Auckland District Court on 28 June 2010.
The senior investigator for this case is Brett Beattie. If you have questions regarding your personal involvement with this case or information that may assist the investigation, he can be contacted on firstname.lastname@example.org or 0800 109 800.
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