Bridgecorp directors banned

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Former Bridgecorp directors Rod Petricevic and Robert Roest have been banned from directing or managing a company in New Zealand.

Thursday, June 4th 2009, 10:27PM

The ban has been put in place by the Ministry of Economic Development under the Companies Act. It says bans can be put in place when a person has been a director of more than one failed company within five years. That person must satisfy the registrar that their management of the companies' affairs was not, at least partly, responsible for the companies' demise.

Petricevic and Roest were unable to satisfy the Deputy Registrar of Companies Peter Barker that the way in which they managed the affairs of the Bridgecorp Group was not at least partly responsible for the failure of those companies.

The Ministry of Economic Development's National Enforcement Unit provided reports to the registrar that alleged mismanagement including: misleading information contained in the prospectus; defaults of the payment of principal and interest; misleading information provided to the trustee; and, in the case of Petricevic, transactions involving personal interest.

Barker found the failings of Petricevic and Roest to be "serious and fundamental" with such a depth that any one of the matters alone would have been enough to prohibit them from acting as company managers or directors.

The Deputy Registrar determined that this matter is separate and distinct from the criminal charges that  Petricevic and Roest are also facing, so there was no reason for him to delay his prohibition decisions.

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