5 Jul 2011

Bridgecorp case can proceed unchanged, court rules

3:37 pm on 5 July 2011

The Court of Appeal has made a significant ruling allowing the case against five directors of failed finance company Bridgecorp to go ahead unchanged.

Bridgecorp went into receivership in 2007, owing investors about $450 million.

Directors Rod Petricevic and Rob Roest, former chair Bruce Davidson and non-executive directors Peter Steigrad and Gary Urwin face charges relating to creating documents that misrepresented the company's financial position and the risk it posed to investors.

The High Court had made a ruling that would have limited the scope and the extent of the charges laid by the Crown.

The Court of Appeal has overturned that, meaning the case can proceed in its original form.

The charges against the directors are separate to the Serious Fraud Office case which is also going through the courts.