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Bridgecorp’s Petricivic and Roest face new fraud charges

Failed finance company Bridgecorp’s directors Rod Petricivic and Rob Roest pleaded not guilty to eight new fraud charges under the Crimes Act and two under the Companies Act, according to reports.

Wednesday, June 23rd 2010, 8:01PM

>The fraud charges each carry a maximum penalty of 10 years, and are in addition to the 10 charges each faces for allegedly breaching the Securities Act. The trial for the two men is set down for next year, and the paid also face charges laid by the Serious Fraud Office.

 

Receivers for the related Bridgecorp companies, Colin McCloy and Maurice Noone of PricewaterhouseCoopers, expect the 14,000 investors owed $459 million will only get some 10 cents in the dollar back from the failed finance company.

The problem Momi property development in Fiji makes up more than $100 million of the shortfall. The receivers have recouped $23.4 million as at Jan. 1. 

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