24 Dec 2008

More Bridgecorp charges laid

6:08 am on 24 December 2008

The Securities Commission has laid further charges against the directors of two failed finance companies.

Criminal charges were laid earlier this year against Bridgecorp executive directors Rod Petricevic and Rob Roest, and the commission has now charged Bridgecorp's chairman, Bruce Davidson, and non-executive directors Gary Urwin and Peter Steigrad. It has also laid civil charges against all five men.

It alleges the directors made false statements about Bridgecorp's financial position and lending practices.

Charges have also been laid against the directors of Nathans Finance, John Hotchin, Donald Young and Ken Moses, as well as a fourth director believed to be living in Australia.

The commission believes the directors misled investors about the risks of investing in the company.